Why are my lips still dry even though I apply lip balm?

My lips are dry, so I make sure to apply lip balm almost every day.
But strangely, it felt okay only for a moment when I applied it, and then it felt like it got dry again quickly.
I am especially bothered by the constant peeling of dead skin cells during the winter or on windy days.
Even if I apply a generous amount before bed, there are many days when my skin becomes dry again in the morning.
I've heard that applying lip balm too often actually makes it drier, so I'm starting to get confused for no reason.
My condition gets worse on days I wear matte lipstick, so it's stressful even when I do my makeup.
Some people say I need to drink a lot of water, while others say exfoliation is important, so I don't know what's right.
My lips, in particular, seem to get more sensitive because once their condition worsens, it feels like it lasts for days.
I thought an expensive lip balm would be fine, but it seems that isn't necessarily the case.
So lately, I've become more curious about ways to reduce lip dryness itself.
I really want to know how everyone takes care of their lips.