There are bonafide test results from objective laboratories of chain lubes that showed the biggest difference in wear was from those that had "anti-wear additives" (their words, I knew immediately what they meant, high-pressure additives). Oils without that are adequate, but the additives do reduce metal-to-metal wear, that's what they were designed to do in engines and transmissions where there is not a hydrodyamic bearing keeping things apart, like in the main bearings.

When I got to be a serious biker in my 30s, I thumbed my nose at dad's use of engine oil on the chains in my youth, but then years later, came to know that engine oil is actually a great lube for chains, and 3-in-1 oil not, specifically because of that difference. Bike chains experience higher unit pressure than you may think at the pin interface and between the rollers and "bushingless" projections.

Those same laboratories also showed the superiority of melted wax chain lubes, best with moly and teflon additives, but surprisingly, even plain 'ol candle wax was superior to oil, and you can't suspect bias there as no one makes money off that conclusion. I used melted wax for a decade on my road bike just for cleanliness, never suspecting that it actually prolonged chain life. (After 10 years and about 70,000 miles on that single uniglide chain, I saw the cogs had some cupping so reversed them and bought a new chain. I wasn't knowledgeable enough to periodically check chain stretch. But again, 70k miles, wax lube, one chain.) Go take a deep dive on Zero Friction Cycling if you want to see the data, test methodology, etc, it's pretty great.