However! Silicone lube is bad for silicone toys.
Like dissolves like.
Oil (baby, coconut, jojoba, motor, whatever) dissolves latex and some plastics (which originate in petroleum).
Silicone will dissolve silicone, but not latex or petrochemical materials. Silicone lube isn't actually oil.
Waterbased lube is safe for everything, although as stated elsewhere in the thread, it has other drawbacks.
If you're not irritated by water based lube, stick with that to remove any doubts about safety. If you're not irritated by silicone (as I am), then you can use it on skin or latex. But keep it away from your squishy toys, as they're made from silicone. If you love silicone lube and have a favourite silicone toy you like to use, you can protect it with a latex condom.