Just to clarify, most compressed "air" cans actually contain fluorinated hydrocarbons like 1,1,1,2-tetrafluoroethane. At room temperature and pressure, this is a gas that is relatively inert and safe to humans (as long as you are still getting oxygen). At moderate pressures (inside the can) the gas becomes a liquid. The "foamy" stuff you see is actually a combination of boiling hydrocarbon and frost (from moisture condensed and frozen out of the air). The hydrocarbon is non-conducting, as is the pure water/frost although it (the water) may not stay that way after it condendses on a surface. The reason it gets cold is simple physical chemistry. Expanding gases get cold. For instance, you can make dry ice from compressed CO2 this way. /science lesson.
I use compressed air all the time in my computer. Yes, it only moves dust around, but thats why you can control the direction of the spray. I get most of the dust out and don't worry about the residue unless you live in a humid environment and the dust cakes up. I've also sprayed the liquid (can upside down) onto running components before with no ill effects. It probably added some thermal stress, but nothing that caused any problems. I had a GPU I thought was overheating and had no way to monitor the temperature, so I used this method to keep it cool while stress testing. Crude but effective.
When I dust, I don't even remove most of the components. I figure, in most cases, if the air can't get to it, it probably doesn't have any dust. And with that little 6 inch extension tube, you can get just about anywhere, even inside your PSU. I just unplug, move computer to patio/balcony and spray away.