Depends on how often you use it and what it is applied to, the substrate.
I put it on MDF for knives and tools and it does not wear out but gets black, so I just reapply as needed once or twice a year.
For razors, I put Chrome Oxide on a hanging Polyester Canvas Sailcloth hanging strop. I apply 3 in. X’s about ½ wide. I lay the strop on a bench with a cut up brown paper bag under it. The brown paper is also good for rubbing off the skin.
On a hanging strop it will last years, I use my chrome ox strop when honing so it gets a lot of use, probably much more than average and it’s been years since I have put any on.
Pretty much just re apply as needed. I have the Chrome Ox spray, but that just makes a mess.
I do have a leather paddle that I use for chisels and the rough leather, much like yours does not seem to hold it as well, and I apply it more often. It does not take much
I have had that stick for years and made and pasted quite a few strops, I doubt I have use more than 10 percent.
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