I patch rocker panels on $500 cars with "Aluma-trim coil", rivets, self tapping screws, and bondo. Rubberized undercoating in a can is the natural top coat.
It seems to flake off at times. I've also welded frames and had the weld, more prone to rust, pop up through the coating.
But it has its place on beaters. I'd do a few coats of careful prep. Can't speak for new cars-- I'd go with a fluid film stuff, personally.