I would expect WD-40 to work fairly well because it cleans the chain and gets the filth out of the links, filth is a big part of drive train wear and we really don't need much in the way of lube as long as things are kept clean and rust free so the links move smoothly.
That it does, but it doesn't leave much lubricant behind, which you need for a properly functioning chain. As you know, you want something that will get between the pins and rollers and stay there, minus the grime that would turn it into grinding paste. Which is probably why some people swear by wax, but that sounds like a giant hassle.
Wax is up there with PTFE for making grinding paste in my experience, especially on long, hot, wax softening rides.
Wear appears to be down too. The reduction in grease and dirty chain makes is so nice.
Wax holds up quite well against water but does hold grit and tends to deposit it on chainrings, sprockets, and pulleys, and it wears them quicker than 3in1 will. Wax shares the downside of PTFE, you need to clean off the old before applying more or things start wearing fast, which is not an issue for everyone. It is nice and clean.
Here in the winter of northern Minnesota, one good snowy ride with the road salt and sand will strip wax. Not that you would want to use wax in this sort of cold even if the road salt and sand were not an issue, wax gets stiff and brittle in the sorts of cold we get. I am an everyday rider and bike is my mode of transportation for everything, in this climate I need ease of reapplication or I will be replacing chainrings yearly.
What sort of temperature are you getting down to? Any special gear needed for you or the bike?
Here it’s never below about 5C and maxes at about 30C. It’s mild. The rain is the only thing that can be a lot. The most was about 250mm in a day, which is exceptional, but sudden, very downpours are common.
Gear has mostly been a move away from cartridge bearings, you are lucky if those will last the winter. Old fashioned cup and cone bearings hold enough grease to get you through most winters without having to repack. For the messy and icy weather I try to ride my fixed gear, does not matter if the brakes freeze up, very simple drive train (single piece crank!) I can just ignore all winter other than oil the chain and its 1/8" chain sucks up a lot more oil than the skinny 10+ speed chains and sheds filth much better as well. 3in1 helps a lot as well, it is pretty good about shedding filth. For the brutal cold, when things are dry and for most errands it is generally my touring bike, its granny gear is nice when the grease starts to thicken in the cold and high rpm pedaling does a good job of keeping you warm but keeping the derailers working well even with friction shifters can be a chore.
Only specialty gear I have is studded BMX pedals, they do a great job of keeping your feet on the pedals and are footwear agnostic. Not the best pedal choice for a fixed gear, they can really shred your shins.
What sort of distances are you doing?
I work at a couple of locations that are about 9-15km from home.
I’m probably doing 150-300km per week, depending on weather. Even doing 5km in the conditions you describe sounds Herculean.