I've studied nicotine a bit in recent months, including using citric acid as part of an acid-base extraction method. Unfortunately, available data sources are often in conflict with each other, and my understanding is quite limited. My thoughts, which could be way off:
Citric acid as preservative for e-liquid: With PG and/or VG being fine preservatives, especially when they comprise most of the liquid, I don't see much benefit. An amount that is sufficient to be antimicrobial, may be caustic for the person vaping it. It's possible that it could affect the chemical reactions amongst various flavoring molecules, but it's probably impossible to say that it would good or bad, or with any consistent outcome. I'd say that it would depend upon the specific recipe.
Citric acid's effect on nicotine oxidation: This one is interesting. The nicotine in our e-liquids is generally freebase nicotine. Adding an acid to it will cause the nicotine to protonate. In the case of citric acid, it would react with nicotine to form nicotine citrate, which is how some plants store much of their nicotine. Nicotine citrate would seem to be more stable than freebase nicotine, and probably resist oxidation better. However, I have some indication that it may not transfer as well as freebase nicotine to vapor, and that it does not get to the human brain as well. Not sure if an amount of citric acid to result in tolerable flavor would be enough to convert much nicotine, either.
I'd also be interested in any experimental findings on the subject. I actually like oxidized nicotine, and dislike inhaling most acids, though.