Potassium Chloride (the salt created when firing corrosive ammo) is PH neutral. Salts are water soluble though, so really that should be the focus, dissolve, not neutralize. Diluted ballistol is good, not because it neutralizes anything (it would if there was something to neutralize, it IS alkaline), but because the water dissolves the salts while the ballistol protects the gun from the harmful effects of the water. For the longest time I thought the corrosive salts were acidic, because there is a lot of talk about neutralizing them on the internet, but that is not the case.
Ballistol is also a disinfectant, so if you get slide bite at the range or cut yourself at hunt camp you're good to go if you've ballistol! lol
Saw a dude on youtube mixing some cutting oil with the water.