I think the point being missed is that wood doesn't have a lot of tensile strength parallel to the grain. If the wood is stressed parallel to the grain (i.e. bent), or if there are joints (such as splices and corners) then the internal strain, jostling going down the road, or even just expansion/contraction from temperature can cause the wood fibers to move enough to break the barrier of the coating (cracks) which results in water intrusion, which is the beginning of the end.
By adding a fibrous material that has strands running in various directions across the grain and across joints, then these stresses between the wood fibers and relative motion at joints are bridged and supported by the tensile strength of the fibers.
If you want to avoid checking in your wood and breaks in your protective finish, some sort of fibrous (or stretchy) membrane is desired. The stretchy ones tend to break down from weather and UV over time, and are more susceptible to impact/puncture damage, so the fibrous versions rein supreme, at least in my eye.
Using fiberglass reinforced epoxy, FRP/Filon, canvas and binder, even paper/poster board and glue before paint are all viable options that in my mind are better than just primer and paint over standard plywood. (Line forms to the rear to debate this.)
Using WBP (water and boil proof) marine grade plywood is also a good start.