It is what it is....an excellent solvent, a great starting fluid. Cleans out tapped holes in the machine shop well. "Suspends" moisture...if you care to call this displacing moisture, well, spend some time on a wire EDM and we'll talk about it more...
If it walks like a duck, and talks like a duck, this administration is prepared to call it kerosene.
My motors, if they get anything at all, are treated with a "boutique" fogging oil we use to treat newly manufactured large-scale air compressors, both piston powered and screw type. Somewhat cosmoline in nature, which I don't particularly care for, but it's the best I've found. Attacks moisture, opposed to merely chasing it around.