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PEG is basically wax - used to slow down migration of moisture from green wood to help limit end checking while it dries. NOT the same thing as stabilizing it.
The rotted wood stabilizer from Lowes does not cure clear.
The problem here is the word "Stabilizer". To a carpenter, stabilizing wood means filling in a rotten area with something that won't rot. To a wood turner, stabilizing the wood means soaking it in PEG to make it resist splitting. To a pen turner it means sealing the surface. To a knife maker it means completely impregnating the wood with a resin, usually an acrylic polymer, that will keep water and other liquids from causing the wood to swell and shrink ( mostly due to changes in humidity). Even different wood suppliers to the knife trade use different methods....and not all are true stabilization. Soaking in Minwax, Nelsonite, or other wood treatments is not the same as catalyzed monomers.