PVC, just like SE cable, gets brittle from sunlight over time.
I get them too, just last week I had to temporarily repair a panel with water damage getting in through the cable. It doesn't stop me from using it. Water entry is due to poor installation practice. There are products that need to be used correctly so that doesn't happen. The primary reason why water gets into the panel with SE cable is because of hack electricians who use duct seal on top of the so-called water tight connector on top of the meter socket, and where the cable enters the house, and/or leave too much neutral conductor exposed where it enters the weatherhead. The duct seal dries out and you end up with water in the panel and meter socket. I use silicone or phenoseal to solve those problems.
The sun kills them both and dis colors them as well. My thoughts are the PVC will discolor and get brittle but it will still be more water tight than the SE. On the SE once the jacket gets any cracks it just runs water into the meter, then to the panel.
One thing I get a lot are broken expansion clips on the PVC so nothing is lifetime anymore.