"Primers are water-based as well so any possible trapped moisture will be able to escape."
"ArmorSeal 700HS waterbased coating, waterbased epoxy topcoat"
Drewpy:
Whether or not a coating will allow moisture to escape through it depends on the chemical make-up of the coating, not whether or not it uses water as it's thinner.
For example, the reason why latex paints breathe is because the plastic they're made of actually has large gaps in it. A latex paint resin can be thought of as a long wire scrunched up into a ball. Even though there may be many such balls making up the latex paint film, the spaces between the wires in each ball are larger than individual H2O molecules, but smaller than the average distance between H2O molecule in liquid water. This, H2O molecules can pass relatively easily through a latex paint film, but not liquid water. The ability of H2O molecules to pass through a film is what we call the ability to "breathe".
Whether or not moisture can evaporate through the dry film depends entirely on the chemistry of that dry film, and doesn't depend on whether the coating was water based. Many water based coatings have resins or pre-polymer suspended in water, and those resins or pre-polymer crosslink with each other only when they are in close enough proximity to do that, and that only happens when the water they're suspended in evaporates.
Phone Sherwin Williams tech support and ask if either their water based polyurethane or water based epoxy will still "breathe" once they're fully cured. That's what's important, not whether the coating uses water as the carrier fluid or not.