Silicone sealant is often more UV resistant than the fabric and protects the stitches too. Also easier to apply. It's got an easier job though on the inside as the seam stops a lot of water ingress.
It also helps stick the threads and makes the seam stronger.
Do both sides I say.
Flowable windshield silicone sealant does the best job on sil tents and stuff sacks etc. It flows into threads and gaps, sets smoother and has a much higher modulus when cured than a lot of sealants.
For the strongest bond and longest lasting seam sealing on PU coated and non siliconized substrates, PU sealant like McNett seamgrip is the best.
To thin Silicone, you can use white spirit/white gas/lighter fluid effectively.
To thin PU, Xylene paint thinners is very good.