I don't see either kerosene, or Stoddard solvent, by name in the MSDS.
Rather, I see "Aliphatic hydrocarbon" (CAS #64742-47-8) as the ingredient with the highest concentration. Commonest synonym seems to be "Hydrotreated light petroleum distillates." Usable as fuel oil or solvent.
If I understand correctly, all of these petroleum distillates form a continuum - most are mixtures of hydrocarbons with differing molecular weights. I don't think there's a sharp physical cutoff between what constitutes a "kerosene" and a "solvent" - it's all a matter of convention.
According to the MSDS, WD-40 is a bit more than half solvent (about an eighth is "LVP", presumably slower to evaporate?), about a quarter light lubricating oil, a couple of percent of the secret-sauce surfactant that Jeff was alluding to, CO2 for pressurization, and 10% mixed "non-hazardous ingredients."