The solvent evaporates from WD-40 after application, leaving 'petroleum base oil' (YES, it's a lube) behind. The oil accounts for about 25% of it's weight. It's easy to look up this info on WD-40's site; check the MSDS. It's a light lubricant, and works fine on knives that aren't ordinarily subjected to harsh use (constantly wet/salty/corrosive conditions). The light nature of it means it's also not prone to gumming up a pivot; just enough to inhibit light rust. It's all I've needed for my knives for 20+ years.
On that note, it is very useful for flushing dirt/grease/grime from the pivot. That's how I start the clean-up on newly-acquired old knives. Spray it liberally into the pivot while repeatedly working the joint opened/closed. When it's apparent the grit is flushed out, give the knife a bath in hot water & liquid dish detergent, and then rinse in hot water. Dry everything out, and re-lube with the oil of your choice (I use a little spritz of WD-40 for this).
David