Years ago when I looked into it the 515 was made by Loctite and the 518 was under the Permatex label. Both the same thing made by Loctite. I am not sure what engineer at Rotax decided on the 515 but as far as I know they were the only ones to use it in the power sports industry. I think at one point they revised the manuals to indicate that you needed to use some special primer with it too.
I have always used the Threebond 1194 on all 2 stroke cases, same as Hondabond 4 and Yamabond 4.
The Threebond 1211 is used by a lot of people on the cases but to me it has different properties and is better for a thin coat on gaskets rather than sealing cases.
I use a very thin layer of the 1211 on all paper gaskets, base, carb, MAG cover and exhaust as long as it is not the graphite ones.
I have never had an air leak or failed leak test. Big knock on wood!
All of the Japanese brands and GM now use the 1194 or equivalent for sealing machined aluminum to machined aluminum.
FYI: Permatex now sells a "Motoseal" that looks to be the 1194 equivalent.