The only thing I've found that will make water-based paint peel is either trapped moisture that keeps it soft, and caused the clear coat to crack and allow water intrusion, or expansion of a wood lure in the sun, which also cracks the clear coat and allows water intrusion. I haven't had that problem with decoupage epoxy, like Etex, but I've had that problem with glue epoxy top coats, like D2T. I've not had that problem with spray on solvent top coats, but I do dry my paint with a hair dryer between each coat, and again just before I top coat.
I use Etex on wooden lures, and Rustoleum 2X Gloss Acrylic on plastic and PVC lures.