Most lubes are similar formulas with the viscosity of anal lubes just being increased. The ingredients of the LH water-based lube and the LH discover anal lube are exactly the same, so this is most likely the case. It should be completely fine to use it in the vagina, as that is actually something that is a “foreseeable use” that would have had needed to be taken into consideration 
Benzoic acid is most likely the pH adjustor in the formula, and works best at an acidic pH so one would think that the pH of the lube would be suitably low, and though sodium hydroxide is alkaline it can be used in acidic formulations to maintain the pH 
On a personal note, I use the discover anal lube vaginally and have never experienced any dryness or irritation from it
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