You are right to be concerned about roof leaks, but be advised that leaks are rarely through the roof membrane itself. Nearly all leaks will be failures at the edges or around protrusions through the roof (antennas, vents, etc.), i.e. through or around degraded lap sealant. Coating a roof has the advantage of also coating the existing lap sealant, but you can achieve the same results by repairing the existing sealant. Scrape away any loose caulk, clean well, and apply new lap sealant where and as needed.
EPDM is a coated woven fabric to begin with, so subject to continual deterioration. The surface erodes until only the woven, non-waterproof, backing is left. TPO is more of a solid membrane, almost a rubber sheet, so it remains waterproof as long as it is intact. I can't judge whether yours is on its last legs or not, so you need to make that call yourself.