Yes, as mentioned, it's a partial greaser and cleaner. It can however chew through plastics, foams, etc. so (regardless of what you see lots of people doing at the track) never use it straight without diluting it. I personally get almost everything off with the compressor so do not worry about WD40 or anything else, but I have indeed heard many people doing that also.

The threads to adjust the throttle/brake links seem to strip quick, so yes that's another reason not to mess with them any more than necessary.