The conflicting advice in this thread comes from a lack of clarity on the type of port, to which
@jssailem alludes.
There are 2 types of port lights, framed and frameless. What works for one type does not necessarily work for the other the other. And one method does not work for either type.
Sealing a port light without removing it by smearing gobs of some kind of sticky goo around the edges doesn't work for very long if at all. Do yourself and the next owner a favor and don't go down that path.
Framed port lights have a metal or plastic frame that is mechanically attached to the cabin sides. Some are through bolted (Beckson Ports), screwed into the cabin side with self-tapping screws (Island Packets?), and others have an Aluminum channel in which the lens sits and with a retaining frame inside the cabin (lots of 1980s boats including Catalina, Sabre, Tanzer). Metal framed mechanically attached ports can be sealed with butyl tape, a combination of butyl tape and a non-silicone caulk. Beckson specifically recommends using a silicone caulk on their plastic framed ports because of concerns about the caulk degrading the plastic frame. For all mechanically fastened ports, the caulk is primarily used to keep water out and only secondarily used to keep the port attached to the boat.
Frameless ports are a different beast. The caulk used on frameless ports hast to keep the water out
and keep the lens attached to the boat. Dow 795 and its competitor Silpruf were originally developed as glazing compounds for plate glass windows. While silicone based they are not your hardware store or marine store silicone caulk. These caulks (I've only used Silpruf) are more adhesive, easier to work with, and don't have the same issue with impregnating the fiberglass with silicone that the HW and marine store stuff does. They work well. Rule of thumb, if the silicone caulk smells like vinegar, it is not appropriate for a marine environment.
The video from Boatworks shows how to use 3M Very High Bonding Tape to mount the lenses. This works to keep the lens attached to the boat, however, it still needs some caulk to keep the water out.
If you are considering changing the lens in the port, head over to SelectPlastics.com and read about the different materials, polycarbonate (Lexan), acrylic (plexiglass), and tempered glass.