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As you and @M_V say the rust will never stop but IMO as long as you get good adhesion will be fine for a few years and you have the texture and colour of the rust. Have seen architectural and art pieces that have been coated with an epoxy clear coat and that seems to seal the metalwork. It is an 2 part epoxy paint that is uesd on oil rigs so should be good to use on a frame. But can you get that stuff in a can or need compressors et al.
Wonder if using a harder plastic clear coat be sufficient or or would a plastidip clear coat be like a rubbery cover that can stretch so the surface stays covered as the rust expands.
Or if anyone used a clear epoxy paint. As that will seal the metal. Then gives me the idea can use a spray glue to seal the frame.
Will re edit later as the sedation is still not clear.
The process will continue underneath the paint. You therefore can’t achieve a permanent result in terms of durability of the paint job.