Zero Friction Cycling has some detailed tests on various lubricants. The site owner, Adam Kerin, is unfortunately not a great writer and is a bit long-winded. However, he has in-depth discussion on Squirt and the similar product Smoove, which is also a drip wax lube. He emphasized in both articles that you are better off leaving the chain overnight. I believe he said that it's ideal to repeatedly apply both products to the chain during an initial break-in period. It might have been something like after every ride for the first 3-5 rides.
The reason is that any lubricant needs to penetrate all the way to the chain's pins. That means it has to pass through some very tight gaps. Smoove and Squirt seem to be pretty viscous lubes, and they don't penetrate that gap very easily. Thus, you need to allow additional time for the lubricant to penetrate. Regular wet lubes (which are probably oil based) penetrate more easily (as does immersing the chain in plain paraffin wax or a commercial alternative like Molten Speed Wax). This is basically a long-winded version of saying that I agree with Nathan that the OP doesn't need to degrease their chain, it's just that they didn't allow sufficient time for the lube to penetrate. The noise should dissipate in time.
For reference for other riders: I believe most lubricants are oil-based. A minority of lubricants are wax-based. This includes the practice of just dipping your (thoroughly cleaned) chain in plain paraffin wax, but it also includes drip lubes like the ones described here. Those put wax in a solvent, and many include other friction modifying substances like PTFE or molybdenum disulfide. And naturally, you could buy those substances and add them to molten paraffin yourself.
There may be a number of negative reviews of Squirt and Smoove on the web. I suspect that many of the reviewers didn't degrease their chains fully before applying these. It appears that all wax-based lubricants need the chain to be thoroughly degreased before applying. The wax needs to adhere to the metal, and oil-based lubricants will interfere with this process. Kerin's writing will confirm this, although it will be a bit hard to follow at first. Again, this is for other readers' reference, as the OP seems to have done this.
As a further side note, some readers might have considered immersion waxing, but are worried about the durability of the wax in very long, dirty events. Kerin does say that riders can use drip wax lubes like Smoove on their own, or that they can take a molten waxed chain and bring said lubricant to top up during the event. I'm not sure how the latter advice reconciles with the fact that he has observed issues with these lubes may take a while to get inside the chain's rollers.
NB: I referred initially to petroleum-based lubes, rather than oil-based lubes. Paraffin wax is often refined from petroleum. Hence, that reference was likely a misnomer.
