Nickel-based superalloys are highly difficult-to-cut materials due to their high strength and retention at elevated temperatures, high toughness, extreme strain hardening, adhesivity with most tool materials, and relatively low thermal conductivities. Drilling these materials poses an additional challenge because of the slenderness of the tool and the inaccessibility of cutting fluids to the cutting zones. This work assesses the effectiveness of (a) providing a throttle cryogenic coolant (an expanding jet of compressed CO₂) onto the cutting lips through the body of the tool, (b) replacing the coolant with through-the-tool micro-lubrication, and (c) combining (b) with an external supply of the throttle cryogenic coolant. These three approaches are tested in the hole-making of the following nickel-based superalloys: Inconel 718, Incoloy 825, and Waspaloy. The performance measures evaluated include tool wear, thrust force, cutting torque, hole surface roughness, and temperature profile of the work face parallel to the hole axis. The first approach had a catastrophic impact on the tool's structural integrity, causing it to rupture near the cutting lips due to embrittlement resulting from excessive cooling in that area, combined with intense dynamic loading. In contrast, a through-the-tool supply of micro-lubrication yielded highly favorable results concerning the measured responses, especially when paired with an external supply of the cryogenic coolant. The hybrid lubri-cooling approach, combining the external and internal supplies of compressed CO₂ and micro-lubrication, respectively, demonstrated the best performance by reducing tool wear, stabilizing thrust force and cutting torque, and improving surface quality, particularly at high levels of cutting speed.