Well, a rust retardant, anyway. Stuff that has been Parkerized should be kept oiled with just enough light oil to fill the pores in the coating.
There are lots of variations on this process, and some are far more durable than others. As a general rule the easier it is to apply the more quickly it wears off.
Yeah, I hear what you're saying but, I've had really good results from this stuff IF (and only IF) I clean and treat the parts properly. On all the brackets I make for the yachts, I use this product -and that's why I go through 2 gallons a years. Anyhow, the parts I'm making are in the engine compartment but, it's still a sea-water exposed area and the finish is holding up on parts I made several years ago -but I don't expect it to last forever.
Anyhow, I can't stress enough to completely degrease the parts first. I use 90% rubbing alcohol and really wash them good. After that, the rubber gloves go on and I blow dry them and heat them in the toaster oven to about 120-130F (roughly). I use an old photo-processing tray to dunk them in. The tray must be just as clean as the parts. All of this cleanliness is really important. At no point from start to finish should you handle things with your fingertips as skin oil will mess things up. It even contaminates the stock solution in the tray. I also use the sealer/glossy product they have which is some kind of penetrating oil. After the treatment, I warm the parts in the toaster again for 10 minutes and let them cool. If you go to all this trouble, the finish is pretty darn good.
BTW, for the edification of those who are curious, this process is based on phosphoric acid etching.
You're right though, all Parkerizing and black-oxide processes are not a rust preventative but, a rust retardant. That is indeed true.
EDIT: One other tip. If you have a piece of hardened metal and if it's pretty smooth, it helps to lightly sandblast the part to abrade the surface. This allows the etching solution to do a better job.
Ray