I’ve always used whichever can of spray lube I had on the shelf at lube time- WD40 or CRC or even the Lanolin spray that I use on hedge trimmer blades.
I’ve done this- sparingly- on every bike I’ve ever owned.
Works well on clutch, throttle and brake cables.
On my bikes with speedo or tacho.cables,I use light oil like your 3 in 1.
Some use engine oil. I’ve heard of others using graphite powder. Etc etc.
Whatever you use, anything is better than having binding and grinding cables and dry pivot points or cable nipples.