When I read about the Hornady, I thought it sounded like shoe polish. Then I got to the part where it says you can use it on shoes too. I use neutral shoe polish for release agent.
I believes it's actually mink oil leather conditioner/water repellent.
I remember when I first got some of it, the odor from my youth came back to me. I had a container of mink oil that I used on baseball gloves and boots when I was a kid.
I knew that smell, so went to searching. I found several indications that my nose was correct. I can honestly attest to the fact that it works great as a case lube too.