Hi.
Can someone please advise?

Today I broke my leg rope and SUP ended up on reef but luckily no major damage like a couple of years ago to my Pro Wave (same spot - not many SUP riders ride it).
However, the chips in nose and tail are deeper than paddle chips in the area not covered with tape. I assume it will not take in water but I have previously (to having non fibreglass boards) repaired them with glass & resin.

As per fanatic site - first three layers are_
1 Light finish and weight saving graphics
2 Ultra light fibre layer
3 Glass reinforcement rail band

Can you use a type of paint or other product to cover over the chips?

Thank you
(Chips not cleaned of sand grit yet)

You must make a proper repair.
This is not a sandwich construction, so dings are not waterproof.
Plus the wood layer is exposed, it will suck water by capillarity and slowly rot.