Graphite comes in several different forms.
For lubrication it generally has some kind of oil in the mix and the shape of the graphite is flat plates which easily shear apart, shedding particles as it reduces friction. Get a tube of lock lubricant and feel it.
Gougeon graphite is hard and not slippery at all. It was a form which does not break down easily - good for protecting the surface from scratching.

Years ago I assumed all graphite was the same and added some to the oil of a newly rebuilt car engine. For other reasons I had to disassemble the motor after ~10 miles. The graphite had scratched the cylinder, when I cleaned out the oil you could easily feel the abrasive nature of the graphite - not slippery!