I use it and am very happy with it. Maybe there is other stuff that is better, I don't know and haven't had reason to look for it. Many people will say it is messy and gunks up. It doesn't do that for me, though. I am careful and try to use the minimal amount and maybe that has helped. I also wipe excess immediately and reapply very rarely. It can leave a white residue that is hard to remove from a dark textured surface like black FRN, but alcohol would probably dissolve it. It doesn't seem to work at all until the next day after it has dried. This probably puts many users off. But my knives stay very clean and are very low-maintenance for me. I have not tried Tuff-glide, but I expect that is also very good, although probably toxic. The WL applicator tip is definitely larger than the needle applicator tip of the Tuff-glide, and the needle applicator style seems preferable to me.
Regarding it being food safe: I would expect that the carrier is toxic. Once it dries, I think it leaves nothing but carnuba wax, which is food safe. I am not a chemist, so don't quote me on that, though. This is just what I think I heard about it years ago when I first researched it. And I suppose it is possible that their formula has changed or is slightly different for the bike lube vs. the one they marketed for knives. But in general, I would assume that a wax-based lube is potentially less toxic than many of the alternatives.
It seems to work fine for me. My knives definitely stay cleaner than with an oil for lube. I will never go back to oil, although I would probably try other dry lubes. One of the characteristics of WL is that it is "supposed" to encapsulate dirt and let it crumble away out of the knife as a sort of cleaning process. I don't know if that is true or hype, but if so, it may be cleaner than other dry lubes.