that spray is an insulator for covering electrical buses, insulators, connections, etc. Although it will insulate battery connections, it won't stop acid from creeping under the coating. We often use it at work in both the polyurethane and the shellac versions. Shellac sticks to things that have carbon tracking or an oil film that is hard to clean off. Poly versions are great for slightly damaged ceramic insulators or transformer bushings.
The red or Brown "battery butter" is far better for acid resistance.
2000 Cherokee 29BH with 6V batteries, LED lights & 400 watts of solar power, flipped axles and raised. 2007 Tundra 5.7L DC-LB with lots of mods. C-co, 8/158th AVN Maint.