Under certain circumstances it is helpful. Most arbs don't paint wounds any more as it has proven to not necessarily be beneficial or necessary for the health and callousing of the wound in current arb practice. However, since we are a very hot and dry climate, it can aid in keeping moisture, or lack there of, from doing further harm. Like scald for example. Chances are, you just cut a shit ton of shade away from those areas. In full sun, scald and then peeling bark. Painting the wound seems to help. If I were in a more moist climate, say where there is sudden oak death or other pathogens, I would not use it. Might trap too much moisture in promoting fungus etc..
Also, I only paint where the mistletoe has been removed more surgically through carving it out well into the cambium. Any root structure left from the mistletoe does not seem to like the petroleum product. Possibly starves it of oxygen and light as well. IMO it helps in these special conditions in these infestations. Better than a complete amputation of an entire leader or limb.
Also note, no targets.