The Airofog Benjamin Aerosol Generating Sprayer 16 oz. will turn liquids into aerosols but you must make sure the product you are choosing to use in the machine is labeled to be used in such equipment. You may need to contact the manufacturer of the liquid to be sure.
Per the manufacturer, they recommend using a 12g cartridge with the Airofog Benjamin Aerosol Generating Sprayer 16 oz. They recommend not filling the unit more than the groove mark at 16 oz, and a 12g cartridge will last enough to spray a full container.
Whether or not a oil based fogging product such as a pyrocide can be used in the Airofog Benjamin Aerosol Generating Sprayer 16 oz. will depend on whether the insecticide is labeled for use in an aerosolizer. Only use soluble solutions. Insoluble substances may cause the nozzle to clog or impair the performance of the BAS. Pyrocide recommends using a mechanical aerosol generator or a fogger so the Airofog Benjamin Aerosol Generating Sprayer 16 oz should be ok but you may want to double check with the manufacture.