alt Hacker NewsThat's not really true. There's lots of research out there showing that waxed chains result in less power loss over longer time compared to no lubrication and most other lubricants (both bicycle specific ones and more general ones). Now waxing your chain is admittedly annoying, but it does work.
3in1 is actually bike specific, it fell out of favor with the rise of the modern bike lubes. Wax collects dust and dirt, especially when friction or the sun cause it to soften, which turns your waxed chain into a drive train eater and will cause power loss. More for the track than the road.