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I would have thought that too, but there are several youtube videos that say it works. here's one.

https://www.youtube.com/watch?v=NKzrSe6jlG0&ab_channel=DonGonzalesDonGonzales

If you use neetsfoot oil instead of olive it make a good leather dressing too! (I wouldn't eat it though).
On second thought, I've heard of people using olive oil on leather so I guess that would be...