It's more or less white spirit/Stoddart solvent (flamms risk) with thick viscosity petroleum based oil, as many things like this, volatile in hot environments.
The spray type products usually have a solvent to make them flow and carry the base oil into a dispersed film on target item and penetrant to small gaps, eventually to evaporate and leave the chosen oil in place.
Less volatile once that evaporate stage has completed.
Seems quite effective at producing longer term sticky oil film to help prevent water driven corrosion, but unlikely useful on very hot surface items.