Water is a great solvent. It’s neutral and doesn’t provide any strong positive or negative effects. It just helps components to mix better and to transport active components.
Vitamin C is known for its strong antioxidant activity. It helps to slow down aging processes. The other positive effect of this ingredient is that it helps to make skin tone even. It's a great ingredient to counter dark areas and uneven skin tone. It's well-researched and considered safe. But it's acid and can irritate the skin if used too often.
Propylene Glycol is a useful componet with many positive effects. It’s a very good moisturizer. It helps to deliver ingredients into deeper layers of the skin. It creates a protective layer on the skin preventing water loss. The component is researched very well and doesn’t have notable side effects. It’s used even for making food.
Polysorbate 20 doesn’t have any notable skin benefits but is used in cosmetics quite often. Manufacturers use it for formulation purposes. It improves the scent, texture, and feel of the product.