Flexibility isn't much of an issue here, and I think the dead horse may be being beat
Look at the the pics in my post above. If it were my boat that had the leak (and it's not, but is the same as the OP's) I would look at how the lower part of the chainplate band is fastened to the hull (I've never done that on mine). If Hake Yachts, smeared a large area, where the chainplate bolts on, with 5200, I would consider that a clue that they thought that the point of attachment was structural, and I'd do similar when repairing it, especially if the chainplate strap came loose when I took the bolts out. If I took the bolts out, and all they needed was resealing, I'd probably use Sikaflex 291 instead, for the reasons Dave mentioned. Either way, no repair on a boat is forever. This spot is under water when the boat heels, so something that can be used for below the water line is needed. That leaves butyl tape out.
This is a totally different animal than the normal chainplate rebedding where it goes through a deck. That's likely a good place to use butyl tape and definitely not 5200.