I haven’t used it, but you can try McNett Tent Sure.
Dan McHale uses it to revitalize his really old packs and recommends it for that use…
Tent Sure
They are many older packs on the used backpack market. One major turnoff to old packs, though, are the failed urethane coatings. Don’t despair, get Tent Sure. The local company McNett makes this and many other useful products Like Seam Grip. Most gear shops sell it, or it can be purchased from fabric stores like Seattle Fabrics. I’m thinking of stocking up myself so I can ship it with repairs and etc. Tent Sure easily recoats pack and dries pretty fast. But, the directions on the bottle say to shake well. You must stir it well instead because it thickens so much at the bottom while it sits around in stores that shaking cannot mix it. The bottom layer needs to be dug up and stirred, and then you can shake all you want.
The pack in this photo below is a 15 year old McHale Pack that is like new again. Although it is called Tent Sure, in fine print at the base of the bottle it says Coated Fabrics. Every time I use this product I have great luck. Just turn the pack inside out, stuff it full and paint one panel at a time with the foam brush that comes with it. Don’t stuff with valuable items since the urethane soaks through when the old coating is completely gone. 2 coats may be need for far gone packs or cordura fabrics. If some of the old coating is still there it becomes reassimilated – it’s cool stuff. For climates like here in the Pacific NW coat the outside too! It spreads thin and is hardly noticeable. For seam sealing I like it too, because of the way it can soak into fabric, thread, and thread holes and look better than Seam Grip. The dark spot to the right of the bottle is an abrasion that has been sealed with SEAM GRIP.

Here’s a video from CampSaver
https://m.youtube.com/watch?v=16yC63IS9mg