Temporary is useless and undesirable except for vanishing few applications except things like missiles that it was originally designed for and erroneously cargo-culted as magical missile oil. Sewing oil and similar thin oils stick around longer.
Silicone-based lubricants persist in contact with rubber. Water or soap and water is safer and cheaper for rubber hoses for manipulation.
Just don't make the mistake of routinely inhaling or dipping one's hands in toxic compounds like MEK, carbon tet, TCE, and gasoline+TEL that my dad or grandpa did cumulatively because some of the cancers and other conductions are awful yet avoidable. Petroleum distillates are literally petrochem shit.
Rust prevention: marginal. Use proper coatings or a flash rust prevention compound that sticks around.
Penetrating oil: terrible. Use 1:1 acetone:ATF instead.
Toxicity: terrible. It's petroleum distillates.
It's popular only because of missile hype and marketing, but that doesn't mean it's any good.