I have a gallon of it and never even knew about any rust inhibiting properties.
But I think it deserves a test.
I have plenty of oil coated, mild steel tubing and I think I'll take a foot long section and wash it with an oil cutting soap, then with ARO. Let it dry in the sun for a day, then spray it down with salty water and let it sit outside for a week of two in the weather.
And I'll let an unwashed, oily piece sit right next to it. The oil has never failed to inhibit rust , even if the tubeing sits around for a couple of years before it gets used. And it all gets solvent washed after going through the tube bender before it get welded. That preservative oil is gooey, sticky and smelly stuff. But it sure does work.
I'll add my results to the end of this thread when I have something to report.