What would you recommend instead?
the most commonly recommended will be older style wax emulsion lubes, like Squirt / Smoove. And they are very good but they have initial penetration issues due to high viscosity. Great option if you put the effort in on the first application though (Take chain off, overload with wax, massage in for 20 minutes!), and you more than make up for that initial up front work by very low maintenance after.
I think they have been left in the dust by more modern wax emulsions though, like Silca Super Secret, or Ceramic Speed UFO drip. These look expensive but considering how much longer your drive train lasts with them, they actually work out cheaper.
But personally, I honestly can't see a reason not to immersive wax, it's the best value AND the easiest.
£15 for a slow cooker plus £20-£40 a wax which will last 20000km is a touch above a £5 MucOff lube, but when you run 2 chains and they last the 20000km rather than 3000km too you're saving money.
Because you don't have to spend ages cleaning (and don't have to use solvent to clean) you end up with such an easy process too, even more so if you run two chains. Take off chain, put on fresh chain. Put old chain in pot, turn on pot. Come back anywhere from an hour to a few days later, shake chain a bit, hang it up, turn off pot, and repeat. It's like, so so so so easy.
Make it even easier by topping up a waxed chain instead of changing after dry rides with something like Silca Super Secret, and only changing after wet rides, or after 1000-2000km. It's just indescribably easy.
So much easier than using a traditional lube, which leaves you with a horrible set of solvent cleaning stages that inevitably means you are taking far more time for the privilege of having a chain with dirty insides that has to be changed about 5x as fast.
BUT, most people won't do it still
So just use Squirt / Smoove / Silca Super Secret / CeramicSpeed UFO.... or one of a few other options.