Whatever lube regime you follow, the important bit is the lube needs to coat the surfaces that actually move relative to each other.
That would be where the pins go through the links and as they wear away at each other, the chain gets that little bit longer until only one or two pins are bearing on the sprocket teeth causing them to wear away until they become useless.
My current strategy is a weekly clean followed by a squirt of WD40 to get right into the tiny gaps. A couple of hours later, I back pedal and drip 3 in 1 onto the whole chain over the freewheel. I also use my chain wear checker to see how things are.
The whole job takes me less than ten minutes (cleaning, WD40 then 3 in 1 and chain checking).
I don't mind spending ten minutes a week and a few pence on the job but with my freewheel and chain combo coming in at less that £30, spending any more time and money on protecting it doesn't seem worth the effort.
My theory is that my very cheap chain checker (everyone should own one), will tell me when to replace my £7.98 chain and if I have to do it once every six months, it's still a lot cheaper than spending a fortune on fancy lubes and the hours of my time it would take to apply them.
I bought two new chains last week and pre shortened them so that they are ready to go next time I need to swap.
I am coming around to the idea that a chain is a consumable much like a brake pad and should be treated as such.