Possibly so but for me an alternative may be to hot wax a new chain and maintain with a drip wax. I may try this at some point.
Potentially worth a go, but given the lifetime of the chain (many thousands of miles one hopes) versus the lifetime of the hot wax application (300-400 dry miles IME) I'm not sure how viable this would be.
In theory a drip wax should be pretty good if the carrier evapourates off properly and leaves a pretty hard wax behind; however in practice I think this requires some pretty volatile chemicals and a lot still seem to remain semi-liquid, which (as you've found) will still attract abrasive particles.