Old patches had to be heated to form the vulcanized bond. New ones do not and that accounts for the cold vulcanizing name. Rubber cement will make a bond, but it will not vulcanize, that is form a continuous material from the patch to the tube. There will always be a layer of glue between the patch and tube. It is not too hard to pull the patch and tube apart when using rubber cement. I wouldn't say it won't form a usable patch, it just does not work nearly as well as vulcanizing fluid.
The last time I bought some glue from NAPA it was labeled "Universal Cement". I believe it was just rubber cement. I returned it and got some Monkey Grip Vulcanizing Cement. This was during a weekend of patching all the leaky tubes I had. It was immediately noticeable to me that the vulcanizing cement worked far better.