Ballistol is probably the most over-rated product in our hobby. It’s often touted as being the product that “does it all”, and like most such products, it doesn’t do anything all that well.
Ballistol seems good when you first put it on, but it doesn’t last and it doesn’t protect well.
Remember, it is a water-soluble oil. As such, it will not displace water nor protect well from water or humidity, nor lubricate well long-term.
I have used many different oils and protectants over the years to wipe down guns for storage, and the only time I ever got any rust was when I put guns away with Ballistol on them.
The only good use I have found for it is as a cleaner for blackpowder fouling, when mixed with water, but even this wasn’t significantly better than plain old hot soapy water.