I'm trying to understand when to use what method to seal, to prevent air and/or water.
When would a tape like Wigluv be preferred over caulk or low expansion foam? What applications is it the ideal choice?
A thick tape like Wigluv would only be used where a flat surface isn't needed or any such bulge will be concealed.
Caulk would be used for small and shallow cracks or gaps (1/8th inch or less wide) and a flush or completely flat surface is needed.
Foam is for moderate to large gaps (1/4 to 3/4 inch, depending on foam type) and deep or full depth straight through filling.
Of course, all 3 can be used, or any combination of them, that addresses the need for a specific result or longevity.