Generally hydraulic oil is what is called a bright stock mineral oil.
It is the precursor to motor oils which have additives for detergency (which keeps solids in suspension), viscosity index improvers (this is where the 'W' often comes from as in 10W-40), wear additives (such as moly and zinc to provide wear resistance on areas such as lifters on camshafts) and anti corrosion additives. It generally consists of medium to long chain normal paraffins.
Bright stock mineral oil prior to today's modern motor oils was the beginning point for the formulation of motor oils.
Today's 'synthetic' motor oils are still medium to long chain normal paraffins, but rather than being made by distillation from paraffin base crude oils they are synthesized to gain greater control on the chain length and degree of isomerization and branching.
That being said, an SAE 20 nondetergent with a rating no higher than SA or SB could be used as a replacement for a bright stock mineral hydraulic oil.
This could be used in a very antique tractor which is used for show.
But as another poster said, "You are going to save $200 on oil and spend $5,000 on a transmission repair?"
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