Yes unless it is chemically resistant. It will take a while but eventually it will start to degrade most polymers. All Polymers are formed from hydrocarbon chains and Vaseline is a hydrocarbon. If you remember your chemistry like dissolves like. Vinyl (a polymer) is very susceptible to this type of degradation do to its porous structure. You probably notice that your tubing turns red if you use water wetter.
Now your suppose to say, “Gee thanks mister wizard”