Without getting into classifications and every other detail concerning WD-40, it's a penetrating oil. I use it occasionally to penetrate and free up rusty nuts and bolts. It works fine for that. BUT.... WD-40 is NOT a lubricant, no matter what they say. The main ingredient is essentially Kerosene, and kerosene is an oil that EVAPORATES. So, while it works great to free up stuck items, it then evaporates in a short period of time, and all of the rust that it loosened originally combines with the WD-40 to create something like concrete. It'll lock up tighter than it ever was BEFORE the WD-40 was applied. I discourage my customers from keeping or using WD-40 in their office. I even buy them a can of a better spray oil if they feel they have to treat their own squeaks and such.
I've worked on medical and dental equipment for 40 years. Using WD-40 is an expensive mistake when you're working on a groaning $20,000.00 chair or a squeaky X-Ray arm. You may stop the squeak or squeal today, but it's likely to be catastrophic if left as the only step you took. At the very least, it could lose me a customer.
Sure. Use it to free up whatever is stuck. It will work great for that. THEN, clean the area if possible, and apply REAL oil - ANY other real oil - to the area, and you will have achieved your goal, and the item will stay freed up.
Jim