Hi Mickle!
A response for you. A bit stream of C so I reserve the right to edit it, but...
One: it's ok on the road, but I clean four 'cross bikes at least once each week, often with chains that were immersed in liquid mud, leaves, sand, grass and crap and been very wet. Detergent/degreaser helps, as does rigorous scrubbing.
Two: oil is good; you don't need fancy brand products. If you want and I can be arsed, I could find a wealth of my old tribology and metallurgy notes from my student days. Plus expert witness opinion. (I probably can't be arsed of course, but that doesn't change the science.)
Three: chain cleaners get the job done quicker on filthydrive trains. I do 5 or 6 cleans a week; can't be doing with fettlin'.
Four: the rest of the drivetrain needs to be clean as well, or you're on a hiding to nothing.
All that aside, and bearing in mind that I use oil, not crappy waxy 'lubes', I use EXACTLY your method on my road bikes, and also on our track bikes. (They get wiped more)