I’ve never tried or heard of using that product for such a purpose so whether it causes any damage to paint over the long term is something I do not know.
I do use Pam while doing machine work on the lathe and I can tell you that when dirt in the air combines with Pam that is aging a bit it becomes a bit of a gummy mess so my recommendation would be to go another route with this.
Some preferred alternatives would be to wax the car thoroughly and keep it waxed or install some Scotchgard Paint Protectant film on the nose.
I might add that if you inadvertently get any Pam on the A/C condenser, radiator, etc. you will likely have to put up with an obnoxious smell that will come across as a deep fat fryer at McDonalds run amok… 