I have found that soluble oil when mixed at 10% to 12% gives the best tool life and surface finish and rust protection. When mixed at the lower end, I found things go rusty and their is a measurable reduction in tool life on a cnc lathe.
So at home for my bottle of cutting fluid, I mix it at 12% or 1/8 oil and fill the bottle with deionized bottled water. It has no chlorine or fluoride or minerals in it. It does not seem to go off either .
The other oil I now use is the Blaser CFS 35 . I use it for tapping and a very light coating on a surface with a brush. Yes it smokes. The other I use is the covid hand cleaner. It is an IPA gel with a small amount of castor oil in it. works well for finish cuts. Yes it too smokes as well or fumes.
I have set up a ceiling fan that draws air out of the shop towards the upper corner. It draws air in from the side doors, so when on the S7 for example, the smoke rises and goes towards the corner of the room behind the spindle.
I do my best to avoid the traditional carbide turning tools that have a small radius on the cutting edge, as they take too much cutting power to use. I use where possible the ground carbide inserts that have a sharp edge, be either coated or uncoated. There are now a whole new range of sharp edge coated carbide insert grades that work really well on the home hobby lathe and will give a very good finish on mild steel.
The IPA or hand sanitiser on mild steel works really well to give a good surface finish as well.
Neil