I am a guitar player, and I dont think anything really works. and strings are cheap enough to just change them. my brother that plays bass uses mineral oil too though, and it seems to work for him.
Not sure about mineral oil to clean strings. However there are several things you can do to prolong the life of your strings such as making sure to wash hands before playing. This article I found gives several tips plus products to buy. All the best! https://www.doremistudios.com.au/cleaning-strings/
Microfiber cloths are ideal to clean guitar strings since they do not leave a residue or lint material. In addition to wiping the instrument down, wash your hands regularly to remove excess oil and residue (or grease, sauce, etc.). Keep a small towel around to dry sweaty hands mid-show.