I would assume the active ingredient is silicone like ArmorAll but maybe less dilute. I don’t know as it isn’t listed. Rainex is also silicone. I would be vigilant about keeping it away from the paint, better to wipe it on with a cloth rather than spray.
I once had a Tbird with original vinyl top that I sprayed regularly with ArmorAll. When I repainted the fisheyes kept coming coming through even after sanding several times to bare metal. There are additives to paint to prevent this, I don’t know how effective they are.