Yes, way more thin than the other brands I've mentioned. (Which definitely makes it a lot easier to syringe) Also, as a follow up, it ended up cracking on the backside of the GPU for me somewhere between -100 to -130℃ during my 2nd pull-down with this application. Picture included.
The Gardner Bender worked better for me. It has remained more flexible at low temps and sustained multiple pull-downs, however I did encounter some of the air cavities during application as Splave has mentioned. For me, I think it had more to do with using the included brush, as it goes on extremely thick and will pass over surface mount components and create a canopy of sorts. I had to go around with a smaller brush and pop some of them to get around the base of the bigger caps/components
I haven't noticed any major capillary action with the GB/permatex brands but I definitely will keep a closer eye on all future mobos I prep.