Sounds like a good idea, especially for all-weather riders. It may be the same as expensive water-resistant "faucet grease" sold in plumbing stores.

I'm strictly a fair-weather rider, so I use automotive wheel bearing grease. If a car's loose ball bearings can go 50K-100K without servicing, it should be fine for bike hubs. For what it's worth, after re-packing and zero-play adjustment. the wheels can spin for longer than two minutes after a manual shove.