There's nothing magic about the stuff; it's almost pure mineral oil and a little fragrance. I don't like putting non-drying oil (like mineral oil) on unfinished wood and if the wood already has a finish, putting oil on top of it won't do anything but make the finish oily.
It's a light grade crude oil (petroleum) all dressed up. At first blush it is not the kind of thing I would put on a gunstock. But then I have seen century-old wooden sucker rods from oil wells that are still in fine shape after all those years being soaked in the stuff.