Refined oil will go rancid in the kitchen just as easily as cold pressed and you will noticed since it will smell sweet and then putrid.
Common cooking oils including canola do not oxidize well nor do they dry well which is why you would not use them on say wood because they will not dry and will just go rancid.
The petroleum distillate hexane is used to extract the oil from seed meal, then is boiled off: https://en.wikipedia.org/wiki/Vegetable_oil#Solvent_extracti...
The specific step I'm referring to is "steam deodorization": https://en.wikipedia.org/wiki/Vegetable_oil#Deodorization
If you are going to link to Wikipedia at least bother reading the damn article.
If you want to talk about the potential health impact of oils then erucic acid consumption might be a topic for discussion despite the lack of conclusive research on the subject so excessive canola oil consumption might be an issue despite it being capped at 2% in the US and 5% in the EU if you consume enough of it you might cause cardio vascular damage if the existing correlated data also indicates causation.
But vegetable oils in general are not bad and are not sold as rancid that’s wrong, if you want to be on the extreme edge of the safe line then you can substitute canola oil with coconut, sunflower or peanut oil quite easily and these days also without paying a premium.
Linseed oil was renamed "flaxseed oil" when the market for stain made with linseed oil dried up.
Containers of vegetable oils typically develop a sticky film on them, due to the drying oil effect.
I also looked at this website about "Linseed oil market analysis" [1], which shows that Paints & Varnishes is still the largest user of linseed oil. Then processed foods, then pharma, then cosmetic, then flooring (which is probably also as a finish).
I'm eye-balling the graphs because they don't have a table, but it looks like processed foods is only about 20% of the market. That might be a lot, I don't know, but it doesn't seem fair to say all this excess linseed oil is going into foods because there is no other use for it.
1: https://www.grandviewresearch.com/industry-analysis/linseed-...
The chemicals that make rancid oils taste and smell bad are generally the smaller bits that come off the molecule when its double bonds are attacked by oxygen: the aldehydes and ketones, and the short saturated fatty acids like butyric acid.