I used a chainsaw for several years, cut up some trees into cordwood, and used only plain canola oil the whole time. There were places on the saw that got a bit gummy, but functionally it worked fine.

I’ve been using only canola oil for my chainsaw for the last 3 years. No problems so far. I use it about every 2-4 months

Different varieties of rapeseed make different oils, but steam locomotives and piston aircraft used canola for lubrication.

It works just fine for general lubrication. Other things or canola oil not intended for human consumption may be better for different applications.