We present measurements of turbulent drag reduction (DR) in boundary layers at high friction Reynolds numbers in the range of$4500 \le Re_τ \le 15\ 000$. The efficacy of the approach, using streamwise travelling waves of spanwise wall oscillations, is studied for two actuation regimes: (i) inner-scaled actuation (ISA), as investigated in Part 1 of this study, which targets the relatively high-frequency structures of the near-wall cycle, and (ii) outer-scaled actuation (OSA), which was recently presented by Marusicet al.(Nat. Commun., vol. 12, 2021) for high-$Re_τ$flows, targeting the lower-frequency, outer-scale motions. Multiple experimental techniques were used, including a floating-element balance to directly measure the skin-friction drag force, hot-wire anemometry to acquire long-time fluctuating velocity and wall-shear stress, and stereoscopic particle image velocimetry to measure the turbulence statistics of all three velocity components across the boundary layer. Under the ISA pathway, DR of up to 25 % was achieved, but mostly with net power saving (NPS) losses due to the high-input power cost associated with the high-frequency actuation. The low-frequency OSA pathway, however, with its lower input power requirements, was found to consistently result in positive NPS of 5–10 % for moderate DRs of 5–15 %. The results suggest that OSA is an attractive pathway for energy-efficient DR in high-Reynolds-number applications.