Is an NSF H-1 registered lubricant for accidental contact with food also biodegradable?

Food contact and biodegradability are two completely different concepts. 
A product's biodegradability is the speed at which it can be broken down by microorganisms in the natural environment. This is a property that is requested when there is a significant risk of leakage, or when the machine using the product operates in the natural environment – such as machines used for public works, for skidding in the forest, etc.  The lubricant can be broken down by the ambient environment before it reaches the water tables, for example.
A lubricant needs to be NSF H1-registered (a food grade lubricant) when it is used on machinery that operates in the food industry. In the event of very quantities leaking into food, such lubricants do not present any toxicity risk to humans should they be ingested. They will remain in the digestive tract and will be passed through and out of the body naturally.