There is no substantial difference to other glycol-based coolant-mixtures like for example aquacomputer double protect ultra. The corrosion inhibitor composition may vary a little bit, but this does not have any important consequnences especially if there is no aluminum in your loop (what should be the case if you don´t want run into corrosion issues anyway).
Therefore it is just another glycol-based mixture of corrosion inhibitors with water (pre-mixed) or without water (concentrate). It is a well proven product which is successfully used for more than a decade in many watercooling systems - mostly without any cooling parts from Innovatek containing alumnium. As Innovatek was a producer of very corrosion-sensitive watercoolings parts for customers in earlier times, since they used anodized aluminium and copper in direct contact and also with contact to the coolant. Therefore the corrosion inhibitor composition of Innovatek Protect IP did especially harmonize with this problematic partners, at least if you believe the explanations of Innovatek. But it did not really protect these parts for significantly longer times than with any other adequate glycol-based coolant mixtures. Aluminum and copper where, and still are, no combination that should be used in watercoolooling loops anyways - even if you use high concentations of the best matching corrosion protection compositions available.
You can use Innovatek Protect IP for all the stated components without any concerns, since there are no known issues with other products than with hoses that contain high amounts of plasticizers. But this is an problem which ist related with all glycol-based coolant mixtures
. Sometimes cracking issues with PMMA reservoir tubes and other PMMA parts are under suspicion to be also related to the usage of Innovatekt Protect IP, but any hint for this is very doubtful. Much more likely reasons for such incidents are low quality meterials and workmanship of the affected reservoirs and parts themselves, because such issues where not mentioned very often due to a combination with Innovatek Protect IP in times when general quality standards where higher than today.
As stated above, there is no substantial difference to other glycol-based coolant mixtures. If there is no alumnium in your loop you can also reduce the concentration in comparison to the recommendation of Innovatek if you use the concentrate. Concentration reduction is not absolutely neccessary, but you can reduce trouble associated with plasticizers, whether you are using PVC-hoses, if you lower the Glycol conentration of the mixed coolant.
The "IP" that is added to the product name is only short for the name "Innovatek Protect". As far as I know both, Innovatek Protect with "IP" and without this suffix, is the same product. May be they did want to distinguish the product better from Innovatek Protect Pro by using the suffix. Innovatek Protect Pro is by the way also the same product at a higher price-point, at least if you follow the product descriptions of Innovatek. Possibly they improved the corrosion inhibitor composition in the Pro Version, but there is no evidence for that assumption. It did not have a great impact on the coolant-market for watercooling loops, since it does not show any known advantages for normal watercooling loops. As the customer market does thankfully not provide any of the problematic Innovatek cooling parts (coolers, radiatores an so on) anymore, the last usable an well proven relicts of Innovatek in the customer market are Innovatek Protect IP and the HPPS pump-series (also the PCPS pump).
