See https://en.wikipedia.org/wiki/Wood_flooring#Finishing,_buffi...
Usually oils would be combined with some other varnish, especially on a floor, because they offer nearly zero abrasion or water resistance. You'd think oil finishes like boiled linseed oil or tung oil would offer some water protection because of the oil but they don't. Better than wax or nothing but much worse than varnishes.
This is a table from a book on my shelf by Bob Flexner on the subject, Understanding Wood Finishes. It's a good reference https://imgur.com/a/TzacsLs
[1]: https://www.rubiomonocoatusa.com/blogs/blog/what-is-hardwax-...
As a side note, I like the low VOC aspect. I've used pure tung oil from Woodcraft before and it doesn't have a strong smell but it give me the absolute worst headache I've ever had. Worse than any exposure to a varnish or paste wax or something I know has VOCs in it.
Good luck with that product, it looks very interesting!