It seems to be raining a lot at the moment, mostly in my kitchen...

There's a parapet wall above which is cracked and badly pointed and I
think must be where the water is getting in. I need a quick fix and
bought a load of Thompson's Ultra Waterseal to paint on it, after
filling the cracks with a sealer.

But since the brickwork isn't visible from the ground, I could paint
it instead/as well. Masonry paint does a good job of keeping
windowledges waterproof, so will it do the same on the brickwork? Can
I paint the waterseal on and then cover it with masonry paint, or
should it be the other way around?

Basically, I'm wondering whether waterseal does much the same job as
masonry paint, but just happens to be transparent. Is this right?