Glassmaster will have any contradictory technical detail, but I don't think any waterbased finished has the proven durability and lasting protection of spar varnish. I'm sure such finishes work well but I don't think their long-term trial can be complete. For the hobbyist, tried and true, if it ain't broke don't fix it, dance with the one that brung ya', an ounce of prevention . . . and so on.
Very doubtful--unless there was some flaw in application--there is anything problematic in your rod as described. Spar doesn't necessarily "feel" hard. The harder the finish, the more brittle and prone to clouding and checking. A varnish finish is flexible and resilient. If it doesn't gouge or scar easily with a fingernail, it's probably fine. If it does, it was probably applied too thick and could be stripped and done again. On the blank itself, you have a hard job to put it on too thin, a wipe or fingertip rub being sufficient to provide its protective qualities.
By all means, experiment with the water-based on another rod. It will probably look great and last for years. For now, stick with the product you chose; it is not going to fail and you will have the UV protection. Without arguing its necessity, I'll just generalize to say that all things weather, and spar varnish has protected against the harshest weather possible for decades.
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