And yes, that year-old chain is stretched to hell and actively destroying my brand new cassette. Don't shame me for it - look how shiny it is!
Honestly, I think waxing is LESS work. I spend 2 minutes taking the chain off and popping it in to the wax, then another 5 minutes freeing the links and reattaching it. I do that maybe 2 or 3 times a year. Compare that to spending 10 minutes hunched over the chain, individually lubing each link then wiping off the excess once a week. You have to include the time spent deep cleaning every few months or so too.
It's just no contest for me.