I see 3 in 1 as a ‘Jack of all trades and master of none’ product‘! Jolly useful for general purpose oiling: door hinges, rust prevention, and many other ‘doesn’t matter much’ jobs. It’s a little too thick for delicate mechanisms and a little too thin for hefty ones. Under no circumstances use it on a clock – as Robert mentioned it goes gummy, and glues up light mechanisms. (The gumminess helps prevent rust, hurrah, but only if rust is a problem.)
Many oils are highly engineered to meet a particular application. Car Engine oil has a hard life and is usually full of additives best avoided, but I use plain 20/80 as a general ‘splash it about’ workshop oil because it’s cheap and readily available.
There are many occasions when any oil is better than none. Otherwise, it pays to choose the right type of oil, or similar!
Clock Oil for clocks – it’s thin. I use it on my Coffee Cup Stirling.
Sewing Machine Oil is somewhat thicker for larger delicate mechanisms. Probably not ideal on a model steam engine because they get much hotter than typewriters and friends, but it works well enough for me! Too expensive to use in large quantities on a big steam engine.
ISO32 Hydraulic Oil is thicker again, but, unlike 3in1, it does a good job in almost all ‘our’ Model Engineering requirements. If there was such a thing as a Model Engineering Oil, ISO32 might be it!
Way Oil is excellent on lathe and milling machine slides but much too sticky for anything else (usually!)
Avoid Gearbox or Extreme Pressure oils unless particularly called for. If used check the label: EP oils often contain an additive that corrodes copper, brass, and bronze, all of which might be lurking inside machine tools and models.
Dave