Actually, it is composed of ammonium phosphate and tin powder, so it should clean the tip of corrosion and put some tin on it to protect it from oxidizing further.
I don't use it a lot (I just tin my iron tip at the end of a soldering session and it's usually enough), but it did revive an older tip I had which was unusable as the tin couldn't stick on it and flux didn't help to clean the rust. Maybe I should've used a different kind of flux...
When my soldering tipgets really gummed up I take some sandpaper and clean it up that way. Some flux to clean it before I re-tin the tip with solder. It works well and I find i regain the heat transfer linews new.
I use a soldering stone, selmiak they say. I don’t know the composition. It is a solid block and if you touch it with the hot iron you can see it brighten up and tin flow over it again.
I use a copper dish scrubber from the dollar store. It is glued to the shelf next to my soldering station. Just stab the scrubber a couple times with hot iron, dip tip in flux and tin
Aside --- a bit of boiling water will blast any extra flux right off a newly soldered or brazed join; once it cools, the flux excess glues itself to everything.
(Can't promise anything about what it'd do to electronics, of course!)