i cant find any reputable links from someone like a tire manufacturer, but there are many sources which explain how oil based products leech out the tires natural protection and will cause it to degrade faster.
I quit using Armor All because it did attract dust and dirt. I now clean the engine compartment with soap and water and finish it off with Meguiars Final Inspection. Works great and doesn't make the engine a dust magnet. Looks like factory new, not gloss enhanced.
3M makes the best of everything if you can get it.Most if not all of their products are silicone free. Try LEXOL Vinylex, silicone free and doesn't attract dust or 3M Rubber and Tire Dresser.
Well you can look at just about any car tire and tell if theyve used an oil based product. When its time for them to reapply the product, the tires surface will be brown instead of black. Same goes for rubber hoses and some plastics.
I still dont trust Armor All, and I dont buy the line "if its milky white then its water based" as I fondly remember Armor All always being "milky white"...that obviously hasnt changed.