It should work fine, the aerosol can may result in overspray. I notice that says cotton air filter oil while we use (urethane?) foam filters, but I doubt that'll be an issue.
I use yamalube air filter oil, that 16oz bottle will last forever for R/C use. I put the air filter(s) in a ziplock, add a few drops of oil, knead it through, then use a paper towel to blot the excess out of the filter and let it dry before placing it back in the filter housing.
You can use it, but it's not really thick enough to work effectively in foam.
In 1:1 - K&N filters we used K&N oil. If it was a foam filter, we just used engine oil. Foam/engine oil offered the best protection from dust in the engine.
My opinion if running in dirt I wouldn’t use it street would be fine. Will collect a lot dust restricting air. You will be cleaning it after every run.