The question of how much power was lost has been answered. I would just add this: if the chain is squeaking, it’s got insufficient lubricant. You are presumably having bare metal rub against bare metal. That will cause a lot of wear, in addition to drivetrain friction.
Even though the chain was dirty, I don’t see how adding lube on top of the chain could have worsened the situation. The lube should penetrate to the rollers and probably stop the metal on metal situation. That said, note the discussion in the comments; you could risk importing more dirt into the rollers, which would increase the abrasion rate. The question about which of the two situations is less bad might only be answerable if we experimented, and we'd probably need a microscope to measure the amount of contamination between the rollers and pins. In either case, the chain won't explode if you let this happen once or twice, and take this as a reminder to keep the chain lubricated.