Cerakote requires an aluminum oxide blasting first. so any existing finish or polishing would be removed. That said, it's pretty good at resisting water.
I've had rust pop through parkerized M4 barrels if they weren't kept oiled, and nitriding is generally less durable than Parkerizing, so especially in the PNW I'd expect to either keep a nitrided gun clean and oiled or it'd rust through the finish.
That said, I've really come around on rattlecanning my rifles. Cheap, easy, and I can change colors if I want.