Most of us began casting before synthetic lubes were widely available. I had NO INTEREST in using a petroleum based oil to lube those hinges. They burned, and smouldered, and stunk up the shop.
However, the synthetic lubes now available are great, resist a huge range of temperatures, and seem to last forever. I would not hesitate to lube the hinges on a mold with a synthetic lube, particularly if that is what the manufacturer recommends.
Remember that the synthetic lubes came out beginning in WWII, when aircraft began flying at higher altitudes where the temperatures get down to -60 or colder! They have to have a lube that continues to allow parts to move freely, or the plane doesn't stay up in the air very long! Also, when it comes to parts of the engines, you have extemely hot temperatures internally, and extremely cold temperatures externally, so these lubes had to work across the range of temperatures.
I have spent a couple of hours of my life, taking screws out of molds to clean out the burned residue from petroleum based oils used to lube the threads of hinges on mold. Usually, we had to resort to Carbon Tetrachloride to get the stuff OFF! You don't want to breath in those fumes, either! But that is what it took to get the hinges working right again, back before we had better lubes. When I was doing most of my casting, all we had was matches and candles to smoke the molds.
If there is something available today that works as well, USE IT! Just remember that you can still get a mold to cast good balls, or bullets, without all that costly extra stuff.