Some manufacturers tell you what is in their products, even if not required to do so.
I agree with the assumption that they would publish the MSDS if they were required to. Even the MSDS would not necessarily say everything that is in it. The oils and waxes likely have few if any safety concerns. Since we don't know what is in it, other than that it is "based on" several oils and waxes, I would be reluctant to say that I know its constituents. I have no idea how much water may be in it, but sparingly as I use it, even if it were pure water, it would not provide much moisture. If I think leather needs hydration, I would not count on Renovateur to provide it.
Lately I have been using pure lanolin on other leather, not yet tried it on shoes. It is very cheap, easy to work with, gives a nice finish, and I think provides some water resistence. I have used it on my shoulder bag that had already been well treated with Lexol. The bag is very dark, but the lanolin did darken it more. That was fine for this purpose, and would be fine for black shoes. I would have been unhappy with the result for lighter colored shoes. The lanolin also softens at just above body temperature. The bag never gets that warm, but I might worry about the pure lanolin getting tacky if used on shoes.
Leather care, one lifelong experiment.