Water based varnish is not usually the coating of choice for a model boat which is immersed in water although it can be used.
If you are applying it over bare wood then the successive coats should bond together OK but if applied over a paint surface it tends to form a thin film which can peel off if water gets beneath it such as if the hull should get scratched,
I don't know if the latest versions are more durable but I have also had problems with 'bloom' in the past where water gets into the surface.
Yacht varnish is of course intended for above water application only on full size boats. Probably OK for models which don't spend much time in the water.
Spray varnishes and clear coatings need to be applied over a compatible surface as the solvent can often attack paint and existing coatings from other manufacturers.
I have always found the best varnish for model boating to be Ronseal Hardglaze (or its Blackfriar equivalent) which is a solvent based polyurethane and can be applied over almost anything without reacting. It is really tough too. You can thin it with white spirit. The interior variety is perfectly OK for model boat use.
**LINK**
Colin
Edited By Colin Bishop on 10/02/2021 13:11:56