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The question is about edge coat, for finishing exposed leather edges, when making leather sheaths. I think you missed the point behind the question or that it’s posted in the sheath making section.I don’t use edge coat.
What I do, though, when I get a new knife is polish the liners, frame, and blade with a Teflon lubricant using a Dremel jewelry polish bit, then again with a quality oil (Daiwa Reel oil, Hoppe’s no. 9), and one last time with Tuf Lite.
You need a steady hand and minutiae, but it protects against corrosion.
Biggest cons are how messy sharpening gets, and needing to wipe the coated surfaces frequently with a microfibre cloth to keep the polish looking its best.