It has some varnish in it and will dry like any other finish. It does not protect against UV rays, and so some people apply a light topcoat that has a UV filter agent to protect it.
I use it because it is very forgiving, and can be reworked at any time. I have little (to no) experience in woodworking, so I want it to be easy. This stuff is really easy, wipe it on, wait a few min, wipe it off, let it dry for 16-20 hrs, repeat. If you let it dry too long before wiping off, it can get a little too heavy. If this happens, after it is completely dry, you just re-apply some oil, (which softens what was previously applied) wet sand very fine, wait 5 min, and wipe off excess.
I don't think it will need to be reapplied, but it can be at any time.