I also used to work in an automotive manufacturing environment. We used several types of Loctite and date codes were noted and strictly adhered to. We trashed a lot of it every year due to the product reaching the expiration date before it was all consumed.
Why would you not want to follow the manufacturer's recommendation ? I'll tell you what, if an ISO or TS auditor observed expired Loctite on the manufacturing floor, you would get dinged for it.
Some recent real world experience: I had a tube of blue Loctite that had been opened and was several years old. I used some to lock a couple of screws on a rifle scope mount and when testing them a few days later, found that the screws came out with no resistance at all. The Loctite failed and yes the screws and threaded holes were properly cleaned and degreased prior to application.