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Staining is difficult for water based paints to control. I use Cover Stain from Zinsser which is oil based and drys very fast (but is not micro vapour permeable, damn) Having read the tin for Zinsser 123 I note it says that you need to allow a much longer than normal drying time to improve the stain blocking. In my experience it doesn't stain block but I've not left it to find out if that improves with time.
tldr Use Zinsser Cover Stain for guaranteed results.
Just had a look at the spec for the Bedec Barn paint. Looks like it's designed to cover anything including creosote. Suggests that it's useful for large weathered buildings where you don't want to deal with individual patches of pre existing coatings and the overall finish is more functional than decorative.
I don't really trust a paint that says self priming. Primer or undercoat or both is almost always going to be better at gripping the wood or old coating and providing a stable grippy opaque background for the top coat.