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Is there any problem by using the vinyl sealer as the entire finish?
I bought it and the stringed instrument lacquer from behlen and after spraying multiple coats of the sealer I am happy with the look.
Does the lacquer add strength or durability?

yes it isn't a finish it is a sealer it is too soft for a finish.

Sealer is designed to seal the wood and provide a bridge to anchor the finish. It will not work as a finish, it will wear away and could even get gummy. You did not say how many coats of sealer but 1-2 Wet coats is usually enough, then it is sanded and finish applied. If the sealer is too thick under the finish it can lead to crazing and even delamination.