One of the attractions of its use to treat honey bees for infestations of parasitic varroa mites, is that it is a chemical that naturally occurs in the bee hive. Naturally occurring levels are however very low compared to the strengths of the acid required for varroa treatment.
My personal knowledge of this subject is low and information for this page will have to wait until I have time to research it and form a personal opinion.
Caution: Formic Acid causes burns and is harmful if swallowed, avoid contact with the skin and eyes, use neoprene rubber gloves and goggles, and after contact with the skin wash immediately with plenty of water. Avoid breathing the fumes.