The penetrating is done by a light petroleum oil, usually containing additives such as a surfactant to aid wicking and water displacement, corrosion inhibitor & sometimes a chemical supposed to attack rust.
The solid PTFE particles have no wetting or wicking ability, i.e., non-penetrating. But, remain as a lubricant to prevent future seize-ups (if not washed away).
Most penetrating oils are only good as temporary lubricants.