Can I really finish with two topcoats of finishing paint and is the coating a real primer?

Yes.  Once all Woodhouse Weatherproof® is installed, make sure that the Pink Primer is intact and has not suffered any degrade or damage while on site or during installation.  If there some areas that need attention, use a quality timber wood filler if necessary, lightly sand and apply a quality primer (acrylic or oil based) to touch up.  Follow this up with two topcoats of a quality paint to complete the job.  Maintain your project according to the manufacturer’s instructions.