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It is, but only the first time around. You can also buy chains that already have it removed to save you the faff. You can do it with several stages of different solvents, aid it with ultrasonic cleaner...etc.
Once your waxed chain gets dirty, you can wash it out in boiling hot water, dry it, then immersion wax again.
And as said, squirt can be used as topup.
Very. If there's any oil on your chain (or inside the rollers) wax/squirt wont stick to it. The difference is that with immersion you also ruin your batch of wax with a contaminated chain, here it just wont work well with the wax based lubricant.