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Yes, sodium hydroxide (what's in oven cleaner) attacks aluminum and magnesium and creates hydrogen gas. Remember the aluminum foil and lye in a soda bottle to make a hydrogen balloon? Since the engine and transaxle cases are very thick compared to foil it would take a lot of oven cleaner and time to eat through the case. But as Dave said I would not leave it on there any longer than necessary to just remove the grease. I've seen transaxles cleaned with it and it just leaves behind a natural gray but self-protecting oxidized finish.
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