The blue 3 in 1 oil is a non detergent blend made for oiling brass sinter bushing on electric motors, small ones.
Its very good for that.
Ball bearings generally need grease, the lubrication requirements are different.
Even if you don't run the machine the grease will bleed out the oil in.
Its designed to do that.
Grease ages dries out.
If you become aware of a dry bearing sound you can get out a head of a failure and pull the seal out of a 2RS bearing and re-grease it.
Not all greases are compatible you need to use something similar to factory.
SKF for example seems to be using a polyurea grease these days that might not be compatible with older Lithium greases!!!
Turbine oils.
I have used some of those in plain bearing pumps with oil slingers.
VERY large pumps ( 500 hp ).
The light turbine oil I used last was intended for steam powered equipment and was tolerant of water.
There is a lot to bearing lubrication.
A site called Bob the oil Guy that might answer your questions a lot better than me.