Yes, I believe it is.
I've had surplus rifles that were put up in cosmoline 60+ years ago come out of it looking brand new. Lots of rags and then solvent to break down the last bits.
I like LPS3 and it isn't bad to clean off. On an engine I'd take it to the shop and run it through the tank/washer. On my lathes and mill I just put a heat lamp on the area and wipe it off. Whatever is left becomes part of the way lube and continuous protective shield
