The heat shrink containing sealant is good stuff- I have made my own, make your splice, slather it with hot glue then cover it with heat shrink tubing, heating it to shrink the tubing remelts the hot glue and seals really well.
As for electrical tape- I never buy anything but Scotch 33+, never have found another tape even close to its quality. I have outside wraps of it that are still good and holding after 25+ years on my amateur radio tower!
Back in the days when I took a sabbatical from my regular routine and for a few years wore a tool belt and climbed towers, boat masts up to the crow's nest and such doing field service work in marine electronics (RADAR, SONAR, depth sounders, VHF radio transceivers, single sideband transceivers, and such) we used to put silicon rubber over the top of black electrical tape. The black electrical tape wraps stayed together longer that way. If it survives going to sea for months on end it is definitely good for a long time in automotive service. Tinned solid copper ring terminals screwed to metal plates with stainless steel screws would corrode right off if not well sealed with silicone or other terrific material.
Scotch is good tape. Under a coating of silicon the el cheapo Harbor Freight tape will last as long or longer. If you do a conservative tape wrap
and then cover with silicone and shrink you get a flexible water proof joint that if opened up can be soldered later as the silicone didn't get on the copper conductor which makes tinning it for proper soldering nearly impossible.
I like silicon inside the shrink as it is flexible, water proof, and if you use the good stuff lasts 50 yrs or more. I bought some waterproof connectors and splices with insulation that is shrink and has the heat activated sealant at (dare I say it?) Harbor Freight. They are also available at Lowes and who knows where all else.
In general if it is intended for making waterproof connections that are under water, often 200 ft or more at pressures of several atmospheres then it is water tight enough for boat trailers and exposed automotive applications.
Pat (ex Kn5DBP, ex N6AYR, now AF5CK as of last Friday)