Strange metallic “crunching” noise after switching to Squirt Wax on my Canyon Grizl. Normal break-in or an issue?

Hi everyone!

I just deep-cleaned my drivetrain on my Canyon Grizl 7 (Shimano GRX) using Morgan Blue chain cleaner. After the chain was completely dry and "squeaky clean," I applied two layers of Squirt Long Lasting Chain Lube (wax and water emulsion), letting each layer dry for several hours.

Today I went for my first ride — 73 km (45 miles) of asphalt. From the very first kilometer, I noticed this constant "crunching" or metallic-like clicking sound whenever I pedal. 

Here are the details:

• The sound: It’s a rhythmic, dry, crunchy noise.

• When it happens: Only under pedaling load. If I coast (freewheel), the bike is silent.

• Current state: I’ve already finished the 73 km ride. The sound is still there, maybe slightly quieter, but still very annoying.

• What I’ve checked: I cleaned the excess black wax "gunk" from the pulley wheels and cassette after the ride. The derailleur hanger seems straight, and shifting is indexed correctly.

Is this just a normal "break-in" period for a wax-lubed chain that was applied too heavily, or could it be something else? I’ve attached a video of the sound and photos of the lube I used.

Thanks for any advice!