I would not use this product for electrical fix . The packing says it is for brass fitting repair that is under ground.
The product is used to wrap brass fittings that are to be buried. It keeps them from corroding. As of the current date (Aug 2019) the product is mentioned on the Sharkbite site. https://www.sharkbite.com/resources/video/how-wrapping-sharkbiter-fittings-underground-installations There is a video showing how to use the product. Also look at the warranty conditions for brass fittings on the Sharkbite website - not just their famous press-on fittings, but their fittings for clinch or crimp connections. The conditions of their 25 year warranty require that buried brass fittings be wrapped - although the warranty isn't specific about what they are wrapped with.