It's hollow with no baffles but I'm convinced that there are elves making ring-a-ding-ding-ding sounds.
If you want to make sure you have good coverage, buy the WD40 by the gallon and pour a cup or so in and swish it around. I stopped buying WD40 in the spray cans a long time ago. It got too expensive.
BTW, I've used oven cleaner with good results on carbon/gunk build up on pipes, power valves, etc and have had good results. Just don't let it sit on aluminum too long.