Basicly a dielectric is a measure of a material that is a poor conductor or a good insulator of electricity. And if you want to really dig into this most substances have been tested and given a dielectric constant number that measures its ability to not conduct.
Dielectric grease has several functions. First is to produce a film over the electrical conductive point that increases the electrical insulation between that point and ground. Air will conduct current, moist air better, water better, salt water even more. They also have other properties as well even when no current is being applied the metal in the connector is subject to corrosion the grease coating is made to resist common water and salt sprays. It also has thermal properties it has to be able to sustain some level of heat without drying out or becoming liquid and running out as in the case of spark plug boots. Another property it has to have is lubrication on connector pins it eases assembly and in things like switches prevents wear. The last thing it has to do is be compatible with the other materials in whatever you put it on rubber and plastic safe etc.
I talked to fluid-films chemist about this once and they do advertise its dielectric properties in their printed information its numbers are as high as most dielectric greases listed as nonconductive. Excellent on salt spray, doesn’t dry under heat, good heat and cold rating. Good lubricity and compatible with rubbers and plastics. The stuff in the spray can use a propellant that will not change the properties of the bulk material.
Its thinner than the greases and that could be good or bad if what you are looking for is packing something full. On the other hand it migrates well if you had a larger area you wanted to spray down for basic corrosion protection but it also contained electrical stuff. (like the inside of a door)
Keep in mind I don’t sell this stuff or promote it I have just been experimenting with it for about a year and the information I have has come from the manufacture.
Bud