Yes, exactly - it thins it so it runs into places better, and then becomes thicker in those hidden places, as the thinner evaporates.

It also helps "flush out" older gunk, as you work it.

I've had better luck with this mix, than other bike specific stuff I have tried over the years.

Works out to be dirt cheap, too........

I do, however, use "parafin" type sprays on some of the neighborhood kids chains, whom I seldom see. Specifically, "DuPont Multi-Use, Dry, Wax lubricant w/Teflon." Available at almost any hardware store. I, personally, don't think it is as good as oil, but it is less messy over time, and seems to last longer. It is a little "gummy."