To seal or not to seal reinforced concrete wall

Hi,
I have a concrete reinforced wall but with about a foot above ground. This has been painted and is looking very tired. So I just bought some screwfix santex paint and a diamond grinder disc for the angle grinder to prep the wall.

However there is a black paint layer that is very tought to remove which is like a bitumen layer, probably form the 80s when it was built.
This has me overthinking that why is this sealed. Is the santex breathable psint good enough? Should I apply a full bitumen water seal again.
My guess is this applied to stop weather and frost damage, is a modern paint like santex masonary on it's own good enough?
 
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