Absolutely not. Maybe it's an April Fool? WD40 is one of those substances that seems to have attracted lore to itself. The original is a protective film that is dissolved in light oil. When the oil evaporates, a rust inhibiting layer is left. However, people advocate it for all sorts of things for which it is not suitable. All sorts of nonsense is offered by idiots on youtube and tiktok.
Oxidised paint is damaged paint. You can cut it away to an extent with cutting compound - you may have heard of T-cut which is a consumer grade cutting compound but there are more sophisticated versions out there. However, if this is a classic car of some sort and the paint may be cellulose or something that is not going to take kindly to this. If the car is valuable, get a paintshop to look at it, ideally one with expertise in classic cars. If it isn't and you just want it to look better, get some cutting compound and cloths and do it yourself.
