Ethylene glycol is the anti-freeze part, all anti-freeze/coolants have this, and it never wears out but can get diluted over a long period.
It also raises the boiling point of the coolant.
The coolant part is the corrosion protection.
The original "green" used inorganic chemicals that are "used up" over time, 2 years was the recommended time frame for changing this type of coolant.
As the chemicals are used up the PH starts to drop below ph9, so corrosion can start.
OAT coolant is Organic "acid" but neutralized, it takes longer to break down so 5 years is the recommended change time but that can be extended if system is well maintained, you can end up with sludge in the cooling system if this type gets too old.
Hybrid-OAT(HOAT) was developed to cover both bases, lol, it has organic and inorganic chemicals so won't react badly with either "green" or OAT when topping up or just refilling a system that can not be completely drained.
The corrosion part happens when coolant of any type gets below ph9.
And in multi-metal cooling systems this can happen pretty quickly.
Seawater is ph8, and look what it does to metals