I wonder how much good chain oil actually does on modern chains. An o ring chain (same goes for x ring and z ring and any other 'ring') has a silicon rubber ring that seals in grease next to the chains pins.
Any oil you spray onto the chain will not penetrate this o ring so it is simply helping with any friction between the side plates, rollers and the sprockets, and perhaps helping the silicon rubber rings from drying and cracking.
However, any oil you spray onto the chain is also a magnet for road dirt that turns said oil into a nice abrasive paste.
I never tried it myself, but I wonder how long a chain would last with no external oil put on it at all. Perhaps longer with no abrasive oil/dirt paste mashing at the chain.
Personally I used a chain oiler set high enough to keep the chain oiled and hopefully fling the dirt off.