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You'll likely see this in many BHA products because this is the go-to solvent for salicylic acid.

This ingredient is typically used at levels between 2-20%.

Regarding fungal acne:
In 2019, this ingredient was tested against multiple Malassezia species (the yeast that causes fungal acne) and showed no growth.

As an antioxidant, it helps fight free-radical molecules. Free-radical molecules are capable of damaging our cells and other genetic material. Thus, antioxidants may reduce the signs of aging.

This ingredient is oil-soluble.

A 2021 paper looked at skincare formulations containing iron oxides and found that they reduced transmission of blue light when measured optically. In simple terms, the pigment particles helped block or scatter part of the visible light spectrum in lab testing and the authors suggest this could translate into better protection against blue-light-related skin effects.

There is also clinical and experimental research showing that tinted products containing iron oxides can reduce visible light-induced pigmentation:

Please note, whether a product reduces visible or blue light depends on things like:

In the EU's CosIng database, iron oxides are only listed as a colorant. CosIng groups ingredients by their main cosmetic role, such as colorant, preservative, or UV filter.

Though studies say iron oxides can "attenuate blue light", they're describing an optical property and not an officially recognized cosmetic function.

So CosIng isn’t contradicting the research. It’s just classifying iron oxides by what they officially are: pigments that add color.