5200 is an incredibly strong adhesive, but it’s not compatible with acrylic, (as the acrylic off-gases, the bond/seal with the non-porous polyurethane 5200 will fail, and water will find its way into the boat) so as a sealant for a porthole it’s not the right choice. Use it to put things together that you never ever want to take apart, just not on acrylic (Plexiglass) or polycarbonate (Lexan), neither are compatible with polyurethane (5200) for different reasons.
As dlochner correctly stated both the 795 and Silpruf products are excellent above waterline marine adhesive sealants and are compatible with acrylic. Butyl tape is excellent as well if you have the correct frame on the portlight. Edit- disregard the tape in your case, I see from dlochner your's are frameless.
If you have any concerns about UV damage, you can sand the area of the plexiglass that will be in contact with the sealant/adhesive to make it more opaque, this will reduce UV exposure (and obviously you won't see the sanded area).
You can buff the acrylic/Plexiglas using a headlight polishing kit, definitely use a power tool to make life easier. I hope you can remove the plexiglass without destroying it.
Good luck!