when i talk about mechanical machine, i don't talk about car motor or other big machine, i talk about very little mechanisme. like magical gimmick.
it don't lubrificate but it degrease and keep protection for a time.
generaly, it's enough.
I've heard a lot of debate on the subject of lubrication and everyone can make a case for their belief on this matter. The issue is the proper product for the individual appplication. If you are servicing a lock at a location and you know the caretaker uses WD-40 for everything then use WD-40 on that site.
My preference is graphite in the plug,if it cleaned properly as Zeke described and Lithium Grease on the moving parts