The main goal, of most products, is to prevent prolonged contact between bare metal on the vehicle and anything from the environment that can be seen as an electrolyte. If you prevent 1 of the 4 parts of a corrosion cell from being there, the corrosion cell won't exist. Can't remove the Cathode, Anode or metallic path (as they all three exist in the sections of metal of the body/frame/etc) so that only leaves the electrolyte to prevent.
Other products try to passivate the metal through an electrochemical process, and I'd strongly recommend against putting too much faith in those.
Coat the underside where any bare metal (including pin-hole size coating defects) is and you'll prevent road grime, salts, dirt, etc from collecting and prevent the issue. For concern areas, think where rocks and debris regularly hit on the undercarriage (wheel wells/rockers), think where dirt collects (nooks and crannies) and where things rub (which will remove protective coating). Also keep in mind it needs to be clean underneath whatever coating you use...or you’re just encapsulating problems and wonder why you still have corrosion happening.
As you can imagine, creating this resilient non-conductive layer of protection on suspension components is tough to do effectively. Keep them protected the best you can (if shiny, wax/polish can even help some), clean of contaminants the best you can, and the rest is nature doing what it's going to do.