I understand that the primary benefit of wound sealant and cut paste is disease prevention, not moisture retention. Reducing the bleeding is a benefit, but not really the main goal.
Cut paste does not prevent pathogens from entering the wound. If anything it traps existing pathogens on the wound surface. Most of the arguing on this site about cut paste is people talking apples to oranges. Almost everyone agrees on what to do and why, it's just a matter of if the information is presented in a way that is consistent with your existing understanding.
Small wounds are largely irrelevant. They will heal well with no protection and they will heal quickly enough with protection to not make the pathogen issue or rot a problem. Remember, plants fight off pathogens just like people do. Healthy plant, healthy immune response. That's why we don't work weak trees.
Large wounds are a bit different. Sealing a large chop completely traps pathogens and moisture toward the wound. This normally doesn't damage the tree itself but it does promote rot which means that the callus that you're trying to form won't be able to roll over the soft, pithy, rotten wood. So the wound won't "heal". I seal large cuts like this:
It prevents sap withdrawal and die back caused by the cambium drying out. That means that the wound will start to callus or "heal" more quickly. The center of the wound is exposed allowing the wood to dry which helps to prevent rot. Now we have the callus rolling on a hard, dry surface which is more or less optimal for "healing".
As far as pathogens are concerned I generally don't worry about it. The trees take care of themselves. I don't regularly clean my tools, although others do. What I do do is quarantine infected trees from healthy trees and treat them. When they're healthy again and pest free I return them to normal rotation.
As far as I'm concerned analyzing pathogens as it concerns to cut paste is moot. We're primarily worried about the cambium drying out and sap withdrawal, not pathogen infection. The secondary concern is preventing rot on a surface you want to preserve. Pathogens themselves don't even register as something that I think about as concerned to the overall health of the tree when making cuts and sealing wounds. But based on my anecdotal experience cut paste can help prevent die back and encourage callus formation earlier. That's consistent with my horticultural understanding so for those reasons I'll keep using it.