i can only speak from recent first-hand experience (no science) but the factory grease/lube/wax/whatever it is that came on a new shimano chain became absolutely literally fully covered with sand after a ride on a coastal highway. just incredibly bad. never had that experience with any of the dry/wet/drip wax lubes i've tried.

the grinding sound was horrifying. never again will i ride on a "factory grease" chain even around the block.