The solvent in the Slicone Lube spray that keeps the silicone in suspension is what's degreasing the parts. I bit pricey as a cleaner, fine if the bike isn't too dirty. The silicone will lube and protect and make cleaning easier later. But for lubing, there are better choices. For serious degreasing, I prefer mineral spirits. Doesn't harm paint, plastics or rubber.
The only time I use silicone spray on my bikes is to remove mtb rubber grips from bars.
Used to have a Trek 700 that I flipped, a nice bike!
BTW, welcome to the C&V forum. It's a cool place with fine folks willing to help, and an oasis of information.