If you replace that motor oil with Acetone, you will have the original Ed's Red - he also published about an alternative that did not use Acetone - just equal parts Mineral Spirits (VARSOL), ATF and Kerosene. I have a liter of each version here that I have been using for a year or so.
From using the stuff in my shop to clean up, I would be concerned that the mineral spirits / varsol just breaks down the motor oil and you would get about no benefit from that?? But I do not know how the chemistry of that mix would work together - it works for the task, or it doesn't.
You are correct - is "cheap" and I use it liberally. But does not seem to dissolve copper, lead or do much to hard carbon deposits - can see not much happens under a bore scope - pretty much can see the copper go away with proper copper solvent, lead go away with abrasive and carbon go away with proper carbon dissolver - I do not know about any practical "lead dissolver" - like from rimfire bullet residue. Is different to try to clean up seriously fouled 100 year old .22 boys rifle, versus cleaning up a bore after a day at the range. If it does anything, I think that juice might creep under copper, lead and carbon and make it let go of the barrel steel - so the brush can sweep it out - but that means at least overnight soak - I have bungs that I put on barrel muzzles - hold them vertical and fill the bore with Ed's Red and let it go at least overnight - I have been known to forget about them, and sometimes goes two over-nights. My best guess is that regular use after a day's shooting likely keeps that crap build-up at bay.