It is light grade (thinner version) of Liquide Paraffin to aid wood penitration, can't see any advantage in trying to spray it as oposed to brushing it on and letting it soak into the wood, it will not form a surface skin as a polymerising oil would.
Food Safe Oil is only needed for pieces intended to hold or come into contact with wet food products such as dressed Salads where long exposure to the liquid could leach out any chemicals remaining in other finishing products.
For natural edge Bowls intended to hold Skinned Fruit or Dry Nuts or Nibbles, Child Safe finishes should be fine as long as fruit is not left to go rotten in them, there again you would not be consuming rotten fruit that may have been contaminated anyway.
Natural edge Bark is often benefited by the application of Thin CA to strengthen and improve the bond if using Child Safe sanding sealers and wax finish.
A Child Safe Hard Wax Oil is also good on natural edge pieces.