Absolutely, it is mostly a bedding compound, not an adhesive. My rails are all through bolted, so no adhesive is needed - but every situation is different.
I have not had one single failure/leak (yet) (knock on something!) on two boats, an RV, and a camper trailer (all fiberglass). I've bedded quite a few things (mostly aluminum/stainless/fiberglass, with a bit of plastic for variety). What I did find out is that 99.99% of the "butyl" sold at camper stores is inferior - truly horrible. I had five ancient rolls from work, and you could stretch them out to like five FEET without them breaking. When those ran out I bought rolls from a number of sources and they all broke with about a 4" stretch, if that. Horrible. I started buying it from Maine Sail (the pbase link above) and the rolls I get from him are just like the "good old" rolls I had at work. Stretch till the cows come home. And I like the ease of removal/re-doing when the time comes.
I experimented on some Starboard (in a spot where a leak would not be disaster) and so far it has gripped that tenaciously (surprised even me!?).
Everyone has their favorites though - and lots of things work well, especially with good prep. Just no silicone :amgry :wink