Hi Scuffed,
Looks like a 140/240 type gutter. I suggest that you should carefully scrape out the old sealant, it has clearly failed. After that, it is up to you, there are a few options as they say...
1) Use the POR 15 anti-rust treatment system (wire wheel to remove loose rust, phosphoric acid treatment, ethanol wash, dry, coat with POR 15, allow to almost get to touch dry, haze over a trace of acrylic (or other primer?) then allow to dry properly etc, then repaint area / roof etc...
2) Use phosphoric acid anti rust treatment repeatedly until all evidence of rust is removed, clean away traces of the phosphoric acid treatment, wash with ethanol, dry, etch prime (or paint system of your choice) and finally proceed to complete job. Either way will work, just need to be aware that it will be a fair bit of work either way.
Personally, I avoid the use of the water based latex anti-rust preparations on the outside of cars, as they are not compatible with some paint systems such as acrylic lacquer (which I use on my old cars in my own workshop).
Good luck with it.