In theory, a penetrant should have some acids in it to dissolve rust, so I save that stuff for spraying the day before I'm going to remove those particular fasteners. I find liquid wrench works well for that and I assume the smell is from some sulfur compounds, the same as hypoid gear oil, which does attack copper, and it almost entirely dries up, so I don't think its a great idea to spray it on for long term protection.
I just use a shot of rust spray like fluid film, or a drop or two of oil out of the oil can, which has some dregs of chainsaw oil, motor oil, tractor fluid, all mixed together. I find I get some corrosion on almost every fastener under the hood unless I put a drop on every one I can see and it keeps them from rusting. The rust sprays are more rubber and plastic safe so I'll shoot everything in the suspension too when I swap tires. So far I haven't broke any bolts that I've oiled since new or nearly new. Some older cars I've got where this hasn't been done have much crustier fasteners!