Navi nailed it. I have a little to add
MrRick ... I've been using WD40 since the 70's so I have some personal experience with "what it does". I consider it (in part) a light oil. I've used it many times and observed what happens. Not claiming to be an expert though, just leveraging my own personal experience WD40 seems to be something that goes after rust and keeps rust from forming and protects. It also has some light lubricating properties. It is temporary and requires reapplication.
Couple of points to make here.
1) You did read the WD40 link you posted, right? It states multiple times that WD40 is a lubricant, contains lubricating oils ... case closed?
2) I'm an amateur "Automotive Mechanic" so this is a best guess on my part BUT I choose not to put grease on the knuckle. I don't want it collect dirt & grime that might booger it up. I want it to turn freely without foreign substances impeding that. It doesn't need grease, it just needs to stay clean and not have corrosion (sort of a foreign substance) build up impeding free movement. I dont even think it needs oil other than as a protectant. Grease might be fine I dunno but I flipped a coin and went with WD40 as a protectant. Although I think I may have hit it quick with Fluid Film in the past!
Here in Salt City, if you dont put some protectant on the knuckle .. it will rust up and get FUGLY making it hard to steer and potentially dangerous. If that does happen then WD40 will free it up and you can get another year or two out of it while saving up the money to replace it.
WD40 is kind of like Shimmer
https://www.nbc.com/saturday-night-live/video/shimmer-floor-wax/n8625