Yeah, you can use it anywhere -- wheel, headset, and bottom bracket bearings, as well as seatpost and stem junctions, threading, etc. -- where you'd use grease, because that's what it is. The university I went to required chemistry for every undergrad. I don't remember any of it. But I think grease is just oil and soap whipped together, and the other additives just impart some little magic or another, but it all works fine for typical bikes. Someone else will probably have a more nuanced informed explanation, but in short, it'll work for a bike.