I actually don't use that mix anymore, I just use straight sap from Spruce trees. Turpentine actually comes from conifers, Spruce, Pine, Balsam Fir and so on, and I was merely using a very small amount of it to thin old sap that has turned hard. Spruce trees that have had a recent wound will ooze sap that has Turps in it and is pretty soft. This is what I now prefer to use but I also use older sap that has turned hard and brittle, I just don't like it as much. I don't use sap from Balsam Fir as it is a liquid, it has too much Turp in it. I have used sap from Pine trees but it doesn't produce as much as Spruce trees.
When the sap is applied on the hot wood, I apply it just before I move my heat-gun away, it becomes a liquid and gets sucked into the wood as it cools. I have heated a limb after tillering where most of the browning from heat-treating has been removed and you can clearly see that the sap has been sucked deep into the wood. I'm sure that most here know that Varnish of old was conifer sap diluted with Turpentine so I would think that doing this does add some moisture protection.