"How corrosion inhibitors protect metal: synthesis in the lab and testing" (23:01)
This video isn't really about DeOxit but does offer a good clue as to the formulation and how it works. The video does a better job of explaining what's happening than I could, so I won't repeat much of its contents.
He mentions that his inspiration came from this patent: "Corrosion inhibited lubricant composition"
Note that Camolin Red, the predecessor of DeOxit, shows 5% oleic acid and 95% "volatile hydrocarbons and propellant". I had been assuming that the hydrocarbons were just mineral oil or something similar. Apparently not. I'm also assuming that the steel corrosion protection that DeOxit shows in the video, also applies to copper wire and silver plated contacts.