I did most of my jeep with a similar product. Eastwood sells it as heavy duty anti rust protector. They are all a wax oil mixture. Eastwood has one that dries black, great for under the jeep, it will be all over my fj40. They will also fix themselves, so instead of chipping and rusting they will kind of flow back over and protect where a rock or something hits. Eastwood also sells a spray gun for it that the can attaches to and comes with two hoses, one that sprays a fan the other more side ways. I used that on the under side of the heap cj8 and inside the boxed frame, after I had rust proofed and painted it, I used that to spray any seam, spray inside all the support channels that you cannot paint inside etc. 2 years and it is all holding up well, the jeep lives about 2 blocks from the beach in a carport and is always covered in sea salt spray, and my son drives on the beach all the time. I was so pleased with that I got it in some spray cans and coated all my leaf springs, tie rods, axles etc. and any spot on the frame I could see rust starting. It now looks like a nice frame paint black with a little shine. I had done the frame up with a por 15 like product, painted it etc, but with the sand, salt etc you could see rust starting in the seams etc, and where road rocks hit it. This stuff covered that up, sealed it and stopped it. now it looks great again under neath.
Here is the black, they also have the normal that dries like a brown, but when you can get it in back!
Heavy Duty Anti Rust Quarts Black
and here is the gun that allowed me to get 100% everywhere
Undercoating Gun and2 Hoses
they also have it in aerosol cans.
Bottom line is I 100% also swear by these wax oil based coatings, all I bet are about the same product. Not sure what color the one you linked to is when it dries. You CANNOT paint over it, and bake cleaner will 100% remove them, I assume other chemical might also.
I am sure it is the same type of product, but I love that they made it dry black.
