I've used Sentry Solutions: Marine Tuf-Cloth as my only blade protection for many, many years. Never had ANY rust. I live in very, very high humidity countries and this is the only stuff I've been happy with. (The only knives I protect differently are my dive knives, and those get a thick coat of silicon grease.)
That said, I don't find Sentry Solutions;Tuf-Glide as effective for my pivots as other oils, waxes, or grease. It may protect better, but I prefer grease for my pivots these days. Used correctly, there is no dirt or dust build-up.
Stitchawl