I'm not sure if the chemicals woudl do any harm, but I can tell you that hot glue does not do well in water or cold/heat.
I'm almost certain it would not hold water for long, if at all.
I know I hotglued a christmas wreath one year and put it outside....the items I glued on..fell off when the temp dropped...the glue got too hard and released lol.
It will also release if it gets too hot as well, same thing happened again....I made a grapevine wreath for the front door with my parents last name on it...the sun shined on it during the spring, warmed it up..yep..all the stuff fell off bit by bit lol.
A tube of aquarium sealant isn't only like $2, plus the $2 for the trigger gun. A hotglue gun and the sticks cost more then that.