There is no phosphoric acid in Evaporust. If there was, it would be listed on the SDS. https://evaporust.com/SDS%20PDF/SDS%20Evaporust.pdf
Yes, it is good stuff. Only thing I've used it on that didn't survive was a set of very old feeler gauges. They were too rusty. Needed my draw knife this week, dragged it out of the box it's been sitting in for much of the past 20 years, and found it rusty. About six hours in the bucket of evaporust, wooden handles and all, and it's rust free. I'll need to oil it after I finish re-sharpening it. Had a couple of notches right in the center of the blade. Wahhhh!
As for what it is, I KNOW I once knew what they are. Can't find in the filing system in my brain. Hate it when that happens!