Yes, it's more correctly labelled as a solvent. Part of their marketing secret is that their product is inherently "addictive" in a way - it can loosen up things quickly but also make them seize more quickly. Which gives users a sense that they constantly need to re-apply WD-40 when most of what you are doing is cleaning up the mess of the previous application.

Just like Carmex lip balm. The stuff everyone was “addicted” to in the 90s