It's less than that, but I do it because I got sick of ruining clothes and getting the stink eye from the wife getting normal chain lube on everything.
I don't really ride rain much ever. If so, it's near the end of a wax job's usefulness.
If it's even equal, I do it for that purpose. If you do it for a gain, the prep job is probably 75% of the gains. New chain break in, cleaning, etc... the wax and wax dipping itself is the last tiny bit.
The best most joes do is use a Park Tool chain cleaner once in a while and keep slopping more tube o lube on all the time. Sure, if you prep a chain right for wax......even if the wax gains nothing......it'll be a couple watts just from following a better process.
I cringe seeing teammates at weeknight worlds just slop more tube o lube on a nearly black chain with gum everywhere on the cogs.