Great Stuff (Dow) makes several versions of the product, they are closed cell, but lower in quality than 2 part products and make no claims to be a boat building or repair product. Technically it could work, but it's not a CG approved product and isn't going to hold up for long if used as a typical floatation foam, but, if used in a place where there was no stress, water or UV contact involved it could last and provide floatation. This doesn't mean I'm recomending it, far from it, I'm just saying that in some very limited applications it could possibly work.
Alumuinum boats don't use pour foam as a structural component, it's just for floatation, so not bonding to the surfaces when using it in a bag is a plus. I'm not making any comment on the cost of either method, cutting sheets and pouring 2 part into bags both work, but the pour foam is actually CG approved if someone sees that as important.
Trying to seal water out of any location in a boat is a losing effort, water will find it's way into every part of a boat, so just plan for it to happen and let it get out easily.
When spray foam is used directly on aluminum it tends to trap moisture and corrode the alumnum rather quickly, we have many aluminum boat builders in this region and spray foamed hulls can be a huge issue just a few years down the road. The bag method works well and some people use it, and I would use it in my next aluminum boat and wish I had in my current one (did it 15 years ago). If I didn't have pour foam on hand, or just didn't want to use it, cutting sheets would be fine, I don't really have a preferance either way, but there are pros and cons for each method.