John, this is a very interesting question which surfaces every once in awhile. I never have given it much thought except to think about the early settlers who sometimes used wood for their eating surfaces.
I use a penetrating oil which is not Waterlox. It is a little thinner than Waterlox and penetrates wood well. I am going to do an experiment where I will use a fairly soft hardwood which allows the easy penetration of the oil. I am going to allow the oil to soak completely through the wood, cure and experiment with boiling water.
I do know that if you put a pan of boiling water on a surface that has been finished with this oil, it will raise the grain slightly.