Yep, wax does zero to prevent rust, although back in the day, clueless, I was using candle wax, too brittle, fell off the outside of the chain quick, just left wax in the pivots.

I use 90 weight for chain lube. When I was a child, dad used motor oil. After I bought my first really good road bike, I got snobby and started using thin "bike" chain lubes, then wax, all though the 1990s. But I was an engineer and learned more about lubes, and, in recent years, read a test of bike chain lubes, and the ones with "anti-wear additives" performed much better. Ya know what has anti-wear additives (what my dad called high pressure additives)? Motor oil. Then I thought, 90 weight gear lube has even more of that, and it still flows fine, in fact, clings to the chain better and not get flung onto the rear rim as much. And a fraction of the cost of dedicated "bike" chain lube. Only issue is, the stuff smells bad for a day or two. Like all lubes (except wax), gets kinda pasty after about perhaps 600 miles, I'm pretty sure that's not the lube, but extremely fine metal particles in (colloidal?) suspension, hence the dark gray or black color. I use an on-bike chain cleaner, and afterward, dip a magnet into the cleaning solution, a thick black sludge will cling to it, that's chain wear.