I've used Fluid Film for years. It doesn't may not stay on surfaces exposed to splash as well as some others, but it is good enough. I had a 2008 Wrangler that saw extreme road salt every year, along with plenty of mud from off-roading. I treated it every other year. When I sold it at 17 years old, the underbody and frame looked like new.
I did not spray all over the place. Instead, I used Rustoleum Rust Reformer on anything that showed even a hint of surface rust. Especially areas like skid plates that had rubbed rocks and began to show surface rust, but really anyplace where there were chips in the paint, or welds where the paint had flaked off, etc. The Fluid Film then went inside the frame rails, underbody seams, nooks, and crannies. Sometimes I'd spray the outside of the frame rails and suspension mounts, springs, spring mounts, axles, but mostly just the vulnerable areas and areas where moisture might get trapped.
I also applied the FF every other year, not every year. I think it would stay inside areas sheltered from spray probably longer than that. But it worked as I had hoped. The Rustoleum application is every year and one can is more than enough to do two Jeeps.
Moving forward, I'll buy whatever is cheapest....FF, Woolwax, or Surface Shield.
As for the black, it looks good but when you go off-road through dirt, dust, or mud, it winds up looking the same as Fluid Film....which is to mean, dirty. LOL. But either way, it's protected.