It displaces and water and leaves a protective film to prevent corrosion. It can also act as a light lubricant in the right situation (low load), be used as a cleaner on the right materials and help penetrate seized parts.
There are better products for penetration (oo-er), lubrication and cleaning but it’s a bit of a jack of all trades and as such useful round the house and in the garage for fixing your gardening tools and austin allegro.
GT85 is also good at penetrating due to the solvents (low surface tension organic solvent = able to get into tight spots) and doesn’t leave a wet residue (which is why I use it and not WD40) but also leaves a dry film of PTFE which may or may not be suitable. Also the solvent can damage some materials as with a lot of solvent based stuff.
I prefer IPA for cleaning and leaving no residue.
GT85 if I need to give something a quick blast and protect and not have it al slimy.
WD40 for stuff in the shed that might rust and are nice simple items with nothing to get damaged, also works well cleaning the plastic parts in the car engine bay but I normally use the waste diesel from changing the fuel filter for that.