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That area shouldn't be highly loaded
Torsion in the downtube is one of the key loads determining the dimensions of frame tubes. It's anybody's guess what's under that poorly applied filler. I'd want to be sure before riding it, but as you say it would be relatively easy to paper over the cracks with some extra layers of crabon fribé to make it safe enough.
Chances are it's just white paint being shit and cracking so you can see the primer underneath. That area shouldn't be highly loaded so I can't see why the frame would start cracking there. There's a chance the previous owner fell and knocked the bottle which could cause cracks like that. It would be a cheap repair if it is structural.