What is this material in the drip rail?

[WH23G3G]

Will this cracked sealant cause water to leak into the floor? My 65 Valiant is getting flooded everytime it rains. I know it caused the same issue on my 92 Ranger which I filled in with silicone, but it's painted black so I could easily blend it with the paint. But it cured it, no more water leaks.

[twodko]

It's seam sealer adhesive. 3M makes it.

[oldgold69]

when you put new seam sealer in the gutter track make sure you seal the ends good    there is usually a hole  at the end of the gutter where the roof and the gutter meet it   I remember when the omnis and horizons first came out someone in the factory would never run the gutter seal far enough and there would be a pin hole at the front of the gutter and water would get in between the two roof panels and drip on the drivers lap days after it would rain