I always thought waxing is most suitable for weekend warriors. You only ride in good weather. If it is raining, you stay home. You like your stuff looking shiney because cycling is nothing but a lifestyle hobby in your eyes. Perfect case for wax.
Commuting, maybe if you use two bikes, a waxed bike for nice days and an oiled bike for wet days.
Touring, hard no to wax.
And you would be wrong. No, I don’t hot wax but I do use wax in solvent. I also ride in all kinds of conditions including lots and lots of rain. First up, Michigan. One day of riding from Fond du Lac to outside Appleton, WI. 61 miles with all but about 5 of it done in rain.
Next day. Not all day but far more intense.
Missouri living up to its name of misery. All day in a cold rain.
My fingers were pruney enough that I couldn’t use my phone’s touch screen properly
Ontario’s back roads. Water and dirt.
Snow in Colorado. Not water from the sky but it does melt and become water.
I’ve ridden lots of miles in rain with solvent wax. Yes, I have to apply lubricant after rain but if you think that you don’t have to with oil, you don’t understand how water and lubricant interact.