Grab a tube of Bostic #920 its around 8 bucks a tube. Try it to see if it is suitable for the purpose you are after. It is white, formulated for marine applications above or below the waterlines and is more sealant than adhesive, though still plenty adhesive. If you don't cut it loose it will tear epoxy fiberglass off plywood, so be warned if you are going to put it somewhere you imagine treading in the future...
It is what a lot of wooden boat yards are using between the planks on wood boats and as a general bonding goop to put things together. Normally it will rip wood to wood joints apart in demolition mode, I say normally... as its not guaranteed like 5200. I don't know anyone that would bed in a shaft strut with it, if that puts in perspective its place in the hierarchy of boat goop. It doesn't like sunlight all that much either, so don't bed in your window frames with it...
It doesn't really take paint and isn't really sandable. It can be sanded, and can be painted but its not overly easy. It also has an odd habit of staying a bit sticky if applied in the dead of winter, and extruding back out of seams when it finishes curing.
You know the drill, there is the right product for the job... and then there are others that will work, with some compromises you can save a buck or two, but its up to you to decide if its worth your time to save a buck or two. After a couple years of messing with the stuff I switched over to 5200 for the shop favorite... it only takes one or two tubes of 920 going hard in the case to make it a wash as far as price goes.