TBH - depends on what you are making and the orientation of the knots, i.e. if the knotted surface is horizontal or vertical and if it is exposed to sunlight.
A vertical surface exposed to sunlight - I doubt personally whether the solution & umpteen undercoats & topcoats would achieve much in the long run. I learnt that the hard way - I would either route out the knot to a depth that would allow a larger sized thin'ish piece of timber to be let in or filled with an epoxy based filler. This was, I know there would never be any issues going forward.
My 2p worth
Dibs