you seem to have shiplap. On mine, I previously mostly used a water-based shed-and-fence stain, but I blasted that off a few years ago with a power washer, and treated with linseed oil which seems to be lasting well. I used a spirit-based wood dye first, to try to blend it in with nearby "mahogany" stained doors.
On sunny days, it smells pleasantly of cricket-bats. You have to apply it thinly and not let it lie on the surface. Rub off excess with a rag if it has not soaked in after ten minutes, or it will go gummy.
I believe you can buy cedar oil to treat cedar cladding, it is an orangey colour. Seldom seen in UK now. Cedar is a naturally oily timber and I suppose it restores the content that has weathered away.
the shed and fence stains leave a waxy water-repellent film when new. If you neglect it long enough to start weathering away, it goes patchy and shabby, especially if a dark colour.