The stucco itself is not falling off and seems to be in decent mechanical shape with quite a bit of chalking.I would like to coat this old stucco so that it spruces you the look of the siding and adds a water resistant but breathable layer.I’m considering either painting it with a masonry paint like what Home Depot sells (Behr brand) or applying an acrylic stucco finish.

Lowe's sells those acrylic light panels, there's also a tool to cut them that only costs a few bucks.DURALENS 7.85-sq ft Prism Ceiling Light Panel

Acrylic can stain.

Like destroying your countertop and acrylic sink because they didn't realize or care that they should have used a cutting board. 

The countertop and acrylic kitchen sink were ruined because they'd cut directly on both of those items, instead of using cutting boards. 

Left unpainted, latex will yellow, stain, catch dirt, and mildew.Siliconized Acrylic caulk.

Oil based vs. acrylic. 

For a while we were told they were shut down due to covid and the latest story I've heard is that they've converted manufacturing to acrylic dividers for businesses for covid separation.  

I would stick with an acrylic pan for the shower and  only replace it if it is cracked.

Next step would be to paint with Zinsser BIN, which would be better for this than the acrylic Zinsser 123 version.