I wouldn't describe it as magic dust, or active, but the basis of 'Gloves in a Bottle' is a Silicone (polydimethylsiloxane). Much used in cosmetics because it flows across skin and into pores like a primer. It provides a thin but effective temporary barrier between skin and the outside world.
As polydimethylsiloxane been comprehensively tested by our womenfolk, should be safe enough for delicate gallants like ourselves.
Not so sure about plastering myself in Veterinary Products like Udder Cream, but if it's been recommended on the Internet what could possibly go wrong?

Dave