I used it, and the leaves actually got softer, like I put moisturizer on them or something.
I can't say about the damage, I'm dealing with some nute problems that are killing off my leaves.
If you use it every other treatment, I think it should be OK.
Bonide is an old & respected company. If it were dangerous, I'm sure they wouldn't make the All Seasons spray. (98% petroleum oil in concentrate)
One note, give them a few hours to dry before putting them back under the HIDs.