"Does an electron actually orbit around a nucleus?"
No, the electron and nucleus orbit around the barycenter. Remember, we solve the Coulomb atom in reduced radial coordinates:
$$ \vec r = \vec r_e - \vec r_N $$
with reduced mass:
$$ \mu = \frac 1 {\frac 1 {m_e} + \frac 1 {m_N}} $$
" how do we even fit a stationary wave in the two lobes?"
The angular part of the P orbit has the maximal $|m|$ part going as:
$$ Y_1^{\pm 1}(\theta, \phi)
\propto
\sin\theta e^{\pm\phi}
$$
which has two lobes in the azimuth coordinate.
With the time evolution, the phase part looks like:
$$ e^{\pm i(\phi - E_n t/\hbar)} $$
which is a wave going around (counter)clockwise.
Of course, the probably density, $\psi^*\psi$, is constant--these are stationary states, the probability current:
$$ \vec j = \frac{\hbar}{2mi}
\big(
\psi^*\nabla\psi - \psi\nabla\psi^*
\big)
$$
orbits the nucleus as expected. (See the video linked in the comments)
"And is the electron actually orbiting around a nucleus in the non-spherical lobes, but how can it do so?"
The probably current certainly orbits. The electron and nucleus are just in an eigenstate.
Whether an atom really is in that state is dubious, since we made up the z-axis and didn't tell the atom. The thing about spherical harmonics at fixed $n$: the Coulomb solutions are all degenerate, so you can mix and match different $m$ states at fixed $l$ and get any axis you want. (You can also mix $l$ states, but there's no reason to do that--unless you're using parabolic coordinates, but I digress).