I disagree with him saying that after drenching in oil and wiping off excess, a "membrane" is left behind. A membrane is different, something solid and thin, like a drum head or many parts of the body. What he should say is that a thin film of oil is left behind.

Second, he's drenching the chain in excess lube, ostensibly to dissolve and lift the dirt inside to be wiped off. That's fine if the lube is not expensive. If it is expensive, it would be more economical to use an on-bike chain cleaner with low cost solvent, wipe and let it dry, then relube, and I'll bet that also results in a cleaner chain before lube. On a road bike, most of the wear contaminant is extremely finely ground steel from the chain, you can easily verify this with a magnet in the cleaning solvent, it will be covered in black sludge. Those particles are what turns the lube to paste, no matter which oil lube you use, or how thin. Wax lube seems to avoid this, so either no steel particles, or they are shed into the environment.