Yes, the seams are glued.
It holds air well. Well beyond the 8 hours spec'ed by the manufacturer. I'm just puttering around on a small inland lake, so I am not terribly worried about it falling apart on me.
I certainly understand that it is old, but there are no signs that it doesn't have plenty of life left in it. The transom seam at issue is going to take a lot of stress and it was man-handled by a bunch of college kids through the years, so not surprised there is some separation. Seems like a common problem.
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