No, it’s hydrophobic. Main advantage of mineral oil over dot fluid which is hysroscopic. Basically it doesnt absorb water from the atmosphere. Thats how fluid degrades.
It’s a bit more complicated than that. A sealed container of DOT fluid should last for years too. Master cylinders and wheel cylinders are sealed from the atmosphere, but water can still work its way past the seals. With DOT fluid, the water will disperse throughout the fluid, so the boiling point will be reduced, but still be much higher than pure water. With mineral oil, the water will collect at the lowest point (i.e. the wheel cylinder) and drastically lower the boiling point exactly at the point where the heat is generated.
So, for storing an open container of fluid, mineral oil has an advantage, but DOT fluid is cheaper and easier to buy. For resistance to fluid boiling if you never replace the fluid, DOT fluid has an advantage. In practice, both work fine, I run old Hayes HFXs on some bikes and Shimano Deores on others, no problems with either.