Molasses has a weak concentration of sulphuric acid in it.
Yes, it will slowly dissolve rust. And other metals too, as it undercuts the remaining chrome plating.
It will leave bare steel exposed to rust again.
Phosphoric is the better option for steel, as it will leave a conversion coat on top of the steel that blocks more rust. But, I'm not certain what it will do to the chrome.
Metal Prep is a brand worth investigating.
I've used a wire wheel on heavy rust. 0000 steel wool on light rust.
Cheers,