This stuff has been around for many years, and has been used in varying degrees of success on figures depending on user circumstances. Like exposure to UV light, open or closed display (open shelf, or closed in like an Ikea Detolf), humidity, material it's being used on (silicone body or similar rubber material), or pleather/vinyl clothing material.
I recall a similar post being made on OSW almost 10 years ago. I'll see if anything developed over there.
Rubber/silicone muscle bodies are a similar but not same make up as the rubber this is intended for. This product is meant for rubber surfaces like tyres, and de-ice boots on wings/flight control surfaces/propellers on airplanes. It's more of an industrial use product, so it's not really made for toys/figures. It's more meant for outside/outdoor use. And as mentioned above, like an "Armor All" type product, but better. It is meant to keep rubber material soft and pliable after exposure to the elements. Application intervals depends on how often the aircraft is exposed to the elements, or depending on aircraft, or product application recommendations.
Will it protect from dirt and dust? No. Dirt comes from handling the figures. If the figure is on display, and not handled, it will stay clean. Dust will settle on everything, even in enclosed cases. Dust is inevitable. Most dust in your home is actually from your own skin cells. This product may even attract dust as it is a liquid you apply to the external surface of the item it's being to. So it could actually attract/collect dust.
How do I know this you ask? I've been an aircraft tech for 30 years, and this is used in a lot of shops I have worked in over the years.
Would I use this on my figures? Not unless I tried it on a figure I wasn't worried about ruining. That is a real risk with a product like this. In theory, it should be okay. It is meant to keep the rubber surfaces soft, and pliable and help protect against UV exposure, and water/ice abrasion. That should help prevent cracking and discolouration. But ultimately it depends on the material the figure is made out of, and whether the product will react with the surface material of your figure.
Have I used it on a figure yet? No. I only have 3 seamless type bodies in my collection, and have never had a need for a product like this on my figures. No issues with cracking or crumbling. And rubber/silicone bodies have advanced quite bit since I last read anything about this topic and product.
Basically, use at your own risk or reward. Seamless bodies are not inexpensive. Maybe choose one that is your least favourite and experiment with that.