Painted or treated as the rest of the window, the bead should last just as long. Certainly if used with the appropriate sealer it would be an improvement on putty, which in my experience, you rightly blame for the rotting of the rails, when water gets between it and the glass both outside and in.
And, increasingly you will find that the bottom bead - the one that really counts - on both doors and windows is a plastic overhanging one with a rubber seal at the back.
S