Yeah I have my doubts about the rating as well. I have previously noticed an improvement using similar wrap on part of my old heater however so I decided to do it again. I'll see if I can find the link to my measurements when I partially wrapped the old one.
If you install with what they provide then no you don't have an air seal. I taped every joint with that foil duct tape I've been using to seal my furnace ducting. It's basically now a big airtight shiny bubblewrap bag that is taped to the bottom of the Tank. Very little air movement should be happening.
The only time I replaced siding with vinyl we stripped the old wood off and wrapped the house in 1-1/2" foam taping the joints. I assumed that's how it was always done.
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