Could my chain interfacing with my chainring be creaking?

TLDR:

I’m currently running my drivetrain into the ground on my commuter/gravel bike. The chain, chainring and cassette are all significantly worn and will need replacing, but I am tight and they are still functional.

It is creaking when I pedal against resistance.

This weekend I took the whole crankset to pieces and cleaned it, anti-siezed/greased, and reassembled with bolts tightened.

I also cleaned and waxed the chain.

The chain sits slightly proud of the chain ring at the top.

It is still creaking.

Oh knowledgeable bike mechanics of STW could it be the chain impinging on the chainring?

In which case I’ll just put up with it.

Thanks in advance.