That's not correct according to Apple Garde. Here is their description of their repellant product:
Keeps suede, nubuck, leather, and fabrics water repellent.
Special wax-free, silicon-free, formulation will not seal pores, allowing leather to breathe.
Excellent for all smooth leathers, including exotic leather skins.
Replenishes the natural oils in leather thus preventing drying and cracking.
Safe on all colors, including delicate pastels and whites. It will not pull or darken colors.
You can use Apple Garde on older leather ~ that's just not true. You are supposed to re-treat your bags every few months. Apple products have been tested and proven to be safe and gentle to leather products.
I would think the Shining Monkey is more of a fabric protector, meant for cars. like Scotch Guard, and that would be more harmful. What are the long-term effects of Shining Monkey? Does anyone know? I would think after time the coating that it makes might yellow or discolor. I'm not willing to take that risk on my expensive bags. Just my opinion.