I have some and use it mainly as a light solvent. It seems to have useful qualities for removing other substances, and it does seem to have some lubricating qualities.
I think in the universe of all things mechanical, firearm lubrication is toward the lower end of the performance scale. In other words just about any lubricant will work. I'm not going to use vegetable oil or motor oil on my Lugers, but if I did I suspect they would work fine. I think that's why Hickock45 and other gun owners "swear by" various lubricants. They've always used them and they've always worked.
My guess is that when Ballistol is wet, the acidic/solvent componets help clean, and when those evaporate the mineral oil residue helps lubricate. A different way of repeating Sergio's comment; it lubricates and cleans but not as well as specialty substances for those tasks. But for most people most of the time it's good enough*.
*If in fact the Soviets/their successors hope it will "restore" Lenin, it would appear that so far it is not "good enough" for that application.
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