First you should identify your chain as being a regular roller chain or a sealed roller chain (O-ring, X-ring etc.) sometimes referred to as a maintenance free or low maintenance chain.
With roller chain the lubricant is critical to the chains operation, both for it’s ability to effectively transfer power and to limit chain and sprocket wear. On any roller chain sealed or otherwise, the extreme friction load is born exclusively by the chains internal pins and rollers. The pins being riveted to the outside plates and rollers riveted to the inside plates. On a regular roller chain the space between the inside and outside plates is clearance and this is the same space where they add seals to make it a sealed chain. On a low maintenance sealed chain the primary function of any lubricant that you add is to inhibit rust of the parts that you can see. The same seals on a low maintenance chain that seal IN the original manufacturers grease also seal OUT water, dirt plus any oil that you apply to it’s outside surfaces. If you could lubricate a sealed chain rollers and pins just by pouring or spraying oil on it, you could probably top up your engine oil just by pouring oil all over the engine …and good luck with that.
If appreciable friction did exist between a roller chain and it’s sprockets, you could not run aluminum sprockets with a steel chain …but you can and they work just dandy. Never had to replace an aluminum sprocket myself because I do clean and lube my chains and clean my sprockets.
(The only sprockets that do require grease are those found on chain saw blades, which btw are Not sealed)
Sealed chains are slightly heavier, wider and far more expensive compared to standard roller chains, the seals contribute to slightly elevated friction then would be found in a properly maintained standard roller chain. This is why some competition bikes still run regular roller chain. Sealed chains are popular on street bikes because they run clean and require far less maintenance (lubrication).
With sealed chains; clean frequently and lubricate occasionally, with standard chains; lubricate frequently and clean occasionally. Any chain that is stretched needs replacing or it will destroy your sprockets.
Any wheel bearings that are worn should be replaced or they will cause wear of your chain, sprockets, brakes and significantly detract from the motorcycles handling.
BTW: Chains are not the most frequently overlooked maintenance item on a motorcycle, front fork oil changes are.