I run on tubular. I can't vouch for FT, but alcohol is what I use. It does remove any oils leaving the raw metal exposed to easier rusting. There's always a balance of compromises unique for each layout. Oil is good for metal preservation, bad for traction.
Lately I've used a firearms cleaner, lube, protector called Sheath Rust Preventive on my new old locos to work on getting rid of rust, and general oiling. I got some on the track because I didn't let the loco sit on a towel overnight for gravity to remove the excess, and was surprised how quickly the wheel spin ceased with a simple wipe and a few loops. Plastic safe, made by Birchwood Casey, I really like this product.
Days after, I noticed a dry old rust spot down low had been penetrated by the oil. That means this stuff really creeps over the surface thinly and doesn't stop creeping to dry areas. That's great!
For a cloth less prone to snags, try denim. I haven't yet, but it was a recent suggestion for use on track cleaning cars by Ace. It sounds like a great idea.
(search those threads on how to make one, or buy one from a mfg to save on elbow grease)
I actually had never cleaned my track when it was out from approx. Nov to March - June depending and was fine for 40+ years. But once on a table 24-7-365, that changed. It seems to collect far more crud up high...?????