Could I use it as a solvent?
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WD-40 aka water displacement formula 40 isn’t really much of a solvent, so it wouldn’t cut and strip away anything. It is more of a penetrating lubricant for steel.
It displaces water and water vapor (stuff that causes corrosion) and bonds to the surface of the metal to form a (somewhat) waterproof barrier, effectively lubricating and penetrating steel components that have been partially fuzed together due to corrosion.
If you are trying to clean/degrease a yoyo bearing, stick to solvents like acetone, mineral spirits or lighter fluid.
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