Not on my (folding) knives, there are better (IMHO) products for that. I use regular linseed oil only for my tool handles. Regular linseed oil (non-boiled) takes longer to dry, but in my experience goes on easier - it's not as 'thick' as the boiled - and soaks in better.
I've removed shovel heads and ax heads from their handles where linseed oil was used on them for years, and the oil was gummed up in all the crevices. Easy enough to remove when the tool is apart, but I wouldn't want linseed oil building up on or in my knives.
Some people hate the smell of it too.
Edited to add: I just read Raisedby wolves' post, and on a heavy use fixed blade knife, I think it would be a good option.
thx - cpr