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If you do your own work on this kind of thing and plan on doing it for a while the Dryflex kit is worthwhile over a few repairs. The dry flex also keeps well in the tube so you can use it for a number of small jobs and over a period of time.
It's a no brainer for me to have the kit and I use it all summer long on rotten window cills and doors, it still seems expensive but it's so much easier and quicker to get good results.
I used 2 tubes on a 3 day job recently (listed property and the rear doors were in very bad shape). It cost me £57 per tube because I wanted it in a hurry. My normal supplier is Sealants Online, they have the trial pack for £132.
Timbabuild starter kit is around the same money but the tubes are cheaper individually. I have both systems but the Dryflex is better for all the things, I use Timbabuild in some situations but I wouldn't recommend it alone.
You might get away with using Dryflex SF which is the surface finisher that only needs a heavy duty contractors gun to work with. It seems to be the same stuff as Dryflex when I've used it.
You could use some frame sealant. Would probably last 1 or 2 winters. If there's no more significant rot on the beading you could sand back a little there and pipe a bead of sealant around the panel, prime and paint it if you want it to last longer/look better.
Car body filler or the equivalent decorating version was the usual fix until repair care came along. It's not flexible and needs to bond properly to the surrounding wood so wood hardener on any rot in the area before using it.
It's not an easy job to get it looking right when you've finished. If you leave it the panel and door frame will rot so that you will have enough of a job to call in a professional!