Yeah that's what I had heard as well. In a lot of those cases though, you're spraying it onto a flat surface so the only thing holding it on is pure adhesion to the surface, which it isn't great at. In the case of a handle, you're forming a boot that surrounds the piece. To get it off not only do you have to overcome the chemical adhesion to the underlying surface, but also there's an element of mechanical captive retention because the boot has to stretch to pass over obstacles. For example if the lever is thin near the pivot and flares out at the end, that would tend to hold it on. In this case I believe that's what holds the existing covers on, since they have no adhesive.

That's my theory anyway.

Here's an example of a tool I've used it on successfully, a Park SW-20 Master Spoke Wrench. A really poorly thought out handle finish with no texturing whatsoever. It's like holding on to a block of ice if you get any grease at all on it, which you will if you're building a wheel and have grease on the threads and nipples. And it's heavy too, to make matters worse. Notice how the "wings" taper near the head. I dipped it so that the coating ends about 3/4 of the way down. I have a couple of coats on it and it has held up for several years, though with not nearly as much use as barcons would get.