Linseed oil putty seems to win.
When it's cracked get it out (tiresome but worth it), scrape out the rails outside & inside, stanley blade the glass to remove all paint & immigrant moss, use a good preservative, use a good oil based primer, linseed putty again (sausage roll, apply, spatula), leave for a while then 3M blue masking tape the glass & oil based primer & paint over the top. You must have a thin line of paint onto the glass to seal the putty-to-glass interface.
The downside of putty is that it goes hard, does crack behind, but it is rectifiable - if putty is ok even the lowest scrap grade 5 windows seem to last reasonably. Really big firework bangs can blow the putty to glass seal if the putty is a few decades old (you will hear it crack and the glass can be pushed).
The good thing about wood is repairable, the bad thing about DG is the ridiculous payback period. Not uncommon for houses "flipped" to have new DG every time, 4-5 times in 20 years which is a vast sum of money down the drain.
One thing to watch, the putty perpendiculars - if the putty goes there you can get quite severe wood damage; never pressure wash windows as it can lift the putty at the sides which tends to get somewhat neglected.