High mileage oils contain seal swell agents. As seals age, they become less elastic and can shrink dimensionally.
Seal swell agents reverse this trend, making the seal more elastic (lower durometer) and causing them to expand dimensionally.
If a seal is non-elastomeric then seal swell agents aren't going to do much. Some static seals may be non-elastomeric, but many are. Particularly in more modern cars. So I don't think you can say they won't help across the board. It will depend on the composition of the gasket. Valve cover seals are generally elastomeric these days so they may be helped by a high mileage oil. In the old days they might have been cork or cork/rubber but I haven't seen those in a long time.
Silicone rubber gaskets are probably a special case and I suspect they aren't improved by HM oils. Those are pretty common on valve covers as well.
Seals on rotating surfaces pretty much universally have some elastomeric sealing surface and should be improved by seal swell agents if they've hardened and contracted.