I never even considered Sonax to remove rail dust. But thinking abut it, it does make sense.
When I was cleaning a car with all ceramic pads there wasn't any color change, but on a car with metallic pads the whole wheel turned purple. So it should be able to "find" the iron embedded in the paint. Try leaving on a portion of a test panel for half an hour and see if it affects the paint. By test panel I mean a used hood that gets practiced on.