Panel bond makes a nice seal between the flanges where it is used, so it acts like a seam sealer. But it's brittle & cracks. Seam sealers have more flex. We use panel bond to replace welds or panel bond, but we use seam sealer to replace seam sealer.
Most seam sealers can be smoothed over with a brush & water or paint thinner. We use an acid/flux brush to smooth things out. Use masking tape to keep the sealer seam small, & peel it off before things set up. Don't use a free flowing sealer, find a heavy bodied sealer.
We use a lot of 3m automix sealer and it can be sanded down after it sets. Don't know about sanding the caulk gun type sealers.