Can't say it absorbs but I will tell you from personal experience that the guns I let soak in my cleaning oil for a day or two before I clean them are rust resistant for a lot longer than the ones I give a quick cleaning and a wipe down with a gun oil rag.
My storage area by necessity was in my Wisconsin basement which was a damp area so I had a lot of experience with cleaning off surface rust. My cleaning box was an ammo can filled a quart of 30 weight motor oil, a little transmission oil, a little WD-40 and whenever I got near the end of a jar of Hoppes #9 I dumped that into the can. Whenever I finished a match or did a long range session I stripped the gun and dropped it into the can till I felt like cleaning it. Brushed it blew off the excess oil with my compressor and reassembled it. I didn't have to lubricate it or wipe the surface down and it never rusted like my other guns no matter how long they sat unused.
Today the only change in my formula is my first half quart in the can is fuel oil, the rest is the same and I still do the same procedure. Shoot the dickens out of it, and drop the pieces in the can till I get ready to clean guns.
Soak up oil, I don't know but it sure acts like it. I also know that stainless steel seems to repel oil because it wipes off easy and feels dry to the touch where my blued steel gun parts still have a slight oily feel. This is subjective on my part not an objective scientific observation.