I have a Femi that I mostly use dry, and a small hobby (“wood”) Dewalt that I use for cutting sheet steel. The latter definitely benefits from lube such as a wax stick. However, it is all too easy to overdo the amount, and what I do is to apply a thin smear to the work along the cutting line. This seems to be enough to help keep the blade sharp, yet not enough to end up on the pulleys etc.
I use the same technique on anything particularly difficult on the Femi, just a trace along the blade path.