Both need about the same qualities. But very different cutting fluids exist, with extremely varied viscosity, so one won't replace them all.
In Germany, we even use ethanol to cut aluminium. In France it's rather light petroleum.
But to cut a thread, you need a huge viscosity. The fluid drops slowly from a brush. This results logically from the very slow cutting speed and the high contact pressure. Some powder (C, MoS2) in a grease should logically be even better, but people use very thick oil.
So motor oil should intuitively excel to mill or turn steel, but be inadequate to bore anything, chip aluminium, cut threads...
Then you have special requirements. Some metals oxidize easily and give a nicer aspect if the fluid protects them against air and does not oxidize the metal. Other ignite easily (titanium!) and you strongly prefer non-flammable fluids with these.