Coatings probably help longevity. They seal the ink layer against airborne contaminants, dust and so. My main motivation for coating is mainly that it enhances the look of the matte image, and in particular improves the perceived density and tonal separation especially in the shadows. But coating also makes the moderately delicate canvas print extremely resistant to scratching, abrasion, most types of liguid. I handle my coated canvas prints in ways I would never dream of handling a paper print. One can in good faith offer unprotected canvas prints for display without glazing (as with glass of plastic) which is the best sort of naturally anti-reflective framing! A properly GlamourII coated canvas can withstand vigorous wiping with a water-moistened cloth, but please don't clean with ammonia based solvents like Windex...although I have experimented with this and frankly it didn't seem to hurt anything, at least once.
Definitely stretch after you coat, best to stretch while the fresh coatings are still supple which means don't wait more than a few days after coating. If the coatings are totally dry, you may get cracks at the creases. For GlamourII, the best window for stretching a sprayed-on coating is 8 to 48 hours after the last coat, or maybe 24 to 48 hours for brushed-on or rolled-on coatings. Sprayed-on coatings dry MUCH faster.
Best advice is to apply coatings with an HVLP gun, which you can buy one for as little $59. All the coatings are just a little challenging to apply with a roller or brush, I used to destroy a lot of canvases before going to spraying. There are a lot of threads here about applying canvas coatings.
Second best advice is...decide that you won't start getting good coating results until your third or fourth print (optimistic here) so practice on reject prints at first.
A peculiarity of GlamourII is that the Matte version forms precipates after standing for a while. If you want to mix in some Matte with your Gloss to get Satin, be sure to stir the Matte very, very well, scraping the bottom of the tub. With HVLP you can get just about any finish you want by spraying sparse, dry coats of gloss to get a matte or satin finish, or heavier, wetter coats of gloss to get a glossier finish. I don't use Matte coating at all, just Gloss even though I wind up with a Satin-like result. Gosh, I'm making it sound hard, but it really isn't, you just need to practice a little. Oh, keep the gun very clean.
Edit...really important to dilute GlamourII with some water, it's way too thick as it comes out of the tub. For brushing or rolling, try 1 part water to 2 parts GlamourII. For spraying, your best dilution will be somewhere between 40:60 water:GII and 50:50 water:GII. You will need to experiment for your particular tools. The HVLP guns come with a little "viscosity cup" to help you get the proper paint thickness, but for all the canvas coatings you probably want a thinner solution than what the cup indicates. And if you use an HVLP gun, keep it 8" away from the canvas, don't drift away, and use plenty of overlap.