I am one of those who does not use the dreaded "WD" word! Untill recently, if you read the can, one word you didn't find was "lubricates!" A locksmith friend of mine called it his best friend....a lock would get sticky, the owner would sprey it with that stuff, then the next thing you knew, the lock was ruined, and my friend got to sell a new one!
That stuff is an excellent penetrant, and, since it is alcohol based, displaces water very well. The problem? Once the alcohol evaporates, you are left with nothing. As a cleaner, it might be okay, but I also would worry about it lingering somewhere inside the chain and preventing a good lube from soaking in.
A chain has hundreds of little moving parts, and there are many excellent chain lubes out there designed to keep them all working at peak performance. I don't know about you, but my trusty bike works a lot better with a chain than without, so why take the chance?