I bought some of that to use as a mist coat.
Its truly awful paint, it’s not vinyl so it’s adhesion is poor and it has almost no pigment so it has poor opacity. As it dried it had areas which went really rough - by the time I had sanded it smooth, there wasn’t much left.
I’ve given up with it and I bought Dulux trade brilliant white - which has excellent opacity, almost obliterating the old colour with one coat.
<blushes> I missed the fact that is the contract paint. You are correct that they are awful products that are only intended to be used on slightly wet plaster that has not yet fully dried out. As you say, they have a very low vinyl/acrylic content and not really suitable as finish coats in the longer term.
They are impossible to keep clean and do little to deal with the level of suction.
A while ago I was asked to redecorate a bathroom that a builder had just painted. He used contract matt on the ceiling. As soon as the shower was run, the paint became translucent until the moisture had evaporated away. It kinda acted the way it is supposed to, ie not providing a barrier to moisture.
Unfortunately, many people use it because it is so cheap- but there is a reason why it is so cheap.