WD-40 is not really that great at anything, people buy the brand name, that's it. The formule being public probably wouldn't change much
It or its variants probably contains PFAS which probably makes it hazardous to spray. Also, I suspect that breathing its ambient vapor while spraying it is is bad for the body and brain.
Canola oil works in practice for basic tasks, but requires routine reapplication.
I use it for two things: as a lubricant for machining aluminum and as a way to remove built up, old ass grease.
But I'd still never pay for it.