I think that between Moke Spider and 1984mini25, the consensus is that it does leave nooks and crannies uncovered.
But the other problem is that if there is the slightest damage or failure to get full coverage, water will creep under the coating and cause unseen corrosion. Certain French vehicles used to (hopefully no longer!) use powder coat, or similar, on the brake lines, and the same happened, with disastrous results from pinholing. People were killed. (Cupro-nickel often called Cunifer or Kunifer, is the only correct and safe material for brake lines, and does not need protection.)
The subframe needs to be comprehensively protected against the effects of minor defects in the outer coating, and that is best achieved by galvanising, which will achieve full coverage, arc spraying of zinc/aluminium, which with care will do a good job, or painting with Zinga. Then it can be overcoated with as many layers of good stuff as you like, such as epoxy primer followed by a gloss coat (my preference), or just a powder coat. Then if you like, and I certainly would, a wax preservative in all the nooks and crannies.
The zinc works by the principle of sacrificial corrosion, and although the zinc lasts longest if coverage is perfect, it still gives full protection for about 60 years if scratched.