I've used various metal band saws over the last 40 years in different shops and mills. . The soluble oil, which the Brits call milk ,chuckle, is used both as a lube and flush. You want to flush the swarf out of the tooth gullets . As a lube it's in pretty weak concentration , compared to what your lathe or mill takes. Of course the guides need to be well adjusted. But the hydraulic down feed is what makes these saws. Too fast and the blade wanders to the far corner of your shop, too slow and all you do is dull teeth.
I'm envious , I have 4x6 which still uses spring tension , a 6x6 power hacksaw which uses gravity feed and a portable chop saw.