Deoxit "D" breaks down corrosion and oxidation with the primary solvent ingredient, which soon evaporates (within 5-10 minutes usually) and leaves this reddish colored liquid residue, which can act as somewhat of a lubricant. BUT, for the best lubrication, you should follow up the main deoxit "D" treatment with either Faderlube "F" or Pro Gold "G". Faderlube is primarily a lubricant. Pro Gold is a combination deoxit/lubricant product, but not as powerful as straight Deoxit "D".
I studied up on these products many years ago for my recording studio equipment. The Caig line is like no other and is essentially unmatched for connector, fader, switch, basically all electrical contacts. It just works. And no, I do not work for Caig, just call it like I see it. If it works, it works.
The Caig products do not attract dust/dirt. They are not heavy oils, but finer/thinner engineered lubricants for a specific niche purpose.