Well, that's some mighty fine cherry-picking, but unfortunately the second sentence pretty much refutes your argument:

"The chemist, Norm Larsen, was attempting to concoct a formula to prevent corrosion—a task which is done by displacing water."

Perhaps while you're at it, you should read the REST of that FAQ:

How long does WD-40 Multi-Use Product last after application?

While this may vary depending on the application, WD-40 Multi-Use Product remains effective even after it appears to dry. The corrosion and rust protection ingredients remain adhered to the surface. External conditions may, of course, require additional applications of the product for maximum protection.

How is WD-40 Multi-Use Product different from 3-IN-ONE® Oil?

WD-40 Multi-Use Product is the ultimate multi-purpose problem solver. WD-40 removes gunk, penetrates to loosen stuck parts, prevents rust and corrosion, and is a light lubricant. 3-IN-ONE, with its special drip spout, enables you to apply product without any overspray or splatter. 3-IN-ONE is ideal to use on tools, rollers, hinges, in-line skates, wheels... nearly everything that moves.

What does WD-40 Multi-Use Product do?

WD-40 Multi-Use Product fulfills five basic functions:
1. LUBRICATES: The product's lubricating ingredients are widely dispersed and tenaciously held to all moving parts.
2. PENETRATES: WD-40 Multi-Use Product loosens rust-to-metal bonds and frees stuck, frozen or rusted metal parts.
3. PROTECTS: The product protects metal surfaces with corrosion-resistant ingredients to shield against moisture and other corrosive elements.
4. REMOVES: WD-40 Multi-Use Product gets under dirt, grime and grease. Use it to remove gunk from tools, equipment and vehicles. WD-40 Multi-Use Product in liquid form (e.g., gallon) also dissolves adhesives, allowing easy removal of excess bonding material.
5. DISPLACES MOISTURE: Because it displaces moisture, WD-40 Multi-Use Product quickly dries out electrical systems to eliminate moisture-induced short circuits.

So, it says, repeatedly, that it resists corrosion. That's quite a different thing from being a "Rust-magnet"....

Regards,
Ray L.