Yes, that’s the stuff. It seems thinner than you’d expect but a few coats have worked pretty well. We get a lot of rain and so far the panels I painted in the fall are still waterproof.
If you don’t mind having to do some maintenance periodically you can paint plywood with roofing paint. You’ll need to repaint and/or replace the plywood once in a while depending on your weather.
It was a nice solution for my broody hen coops, the paint I chose is white so it helps the little...