Wood , even plywood , is basically composed of many little tubes , That’s how wood grows .. and they are subject to capillary action , which means it wants to suck up water naturally ...
Saturating the wood with the mix means the poly soaks into the tubes , making them “plastic coated” and resistant to Rot. (bacteria) End grain exposes the tube openings , so must be extra sealed ... ( several extra coats on the exposed edges.)
On plywood all these “sheets of tubes" are glued together with another glue ... Which , depending on the glue , means you have to either protect that too , or if the correct glue is used , just protect the wood itself ...
With the revelation of different glues being used now , the mixture may have to be adapted to the type of glue used to fabricate the ply . Some being water resistant , some solvent resistant ... which is not immediately apparent at the time of purchase... Which complicates the waterproofing selection... so basically , if the ply is made with water resistant only glue , the solvent may weaken the bond ...
With a solvent resistant glue (which used to be the norm) , the Min/poly mix works fine ... just as it would work fine on plain (non ply ) wood ...
On the new ply a mix of T3 and water may (or may not) be a better choice .... in either case the ends , and end grains MUST be protected ... so extra applications are prudent ... Once any wood is properly sealed , water can’t get in , rot can’t happen , and ply can’t de-laminate ... Hopefully ....
I did see the new ply with the “sawdust" core ... That can’t be good
... but it still can be protected...
Ps. on my little Foamie’s ply floor , I used plastic wood filler on all the edges too as extra insurance ,that and the ply had Voids which were like rivers in wood .. Seems the box stores no longer handle GOOD plywood ... so it may require a search to find a quality product .... and it will be Pricy ... But if that’s what it takes , remember about what Mike says about using quality materials ...