Not in my experience. It increases its viscosity over time--I'm not sure if this is related to air/light oxidative MW increase (radical coupling) or evaporative loss of low MW components, leaving only a higher MW oil. Add to that a strong affinity for dust, dirt, crud, grit, etc., and it'll gum up in no time. White lithium grease (available as an aerosol spray) is fantastic--I've never had problem with it turning gummy. However, as I understand it, it is something like lithium stearate or some other lithium soap/detergent, so it's probably not very good at repelling water, in fact, over time it probably attracts water. However, as a soap, it's probably pretty good at binding to corrosion minerals like rust and alumina, which seems to make them less gritty, and hence less of a problem for lubricity. As for lubricating door locks, don't even think about use anything but dry graphite powder, if you want your lock to last more than a few years.
Eric Lucas