Ours is caulked
The joint between the aluminum toe rail and deck was caulked on our 1987 h40 when we bought it in 1997.
Just this season the caulk is beginning to come loose. I will probably replace it. While the hull and deck should be sealed, I don't want water running off the deck and down the hull. I'd get black streaks like the newer Hunters.
BTW, each spring I check the bolts through the toe rail, hull and deck. Usually I tighten several of them.