"Metal Working Fluid" by definition is a fluid that aids metal working operations, there are many designed for specific machining applications and materials. Drawing oil for deep drawing, tapping fluids, fluids used in roll forming and so on.
That is a water soluble flood coolant, useful for milling, turning, drilling, reaming and grinding, not so good for tapping or broaching. Often when a manufacturer recommends a particular coolant not be used on non-ferrous metals it is because they will stain the finish of aluminum and brass parts. It is never recommended to use a water soluble coolant on magnesium as the water will react with magnesium dust and small chips releasing hydrogen which burns rather vigorously. Try it on aluminum, if it doesn't stain it then no problem.
Remember that many of these types of products are developed for manufacturing where hundreds of parts may be covered with coolant for most of a work day before being cleaned. Tap water will stain bright aluminum if left on it long enough, which isn't terribly long.