If there is a leak between the return fitting and pool wall, using sealant is a much quicker and easier repair than removing the pool fitting and replacing the gasket.
I would not consider it a band aid over a larger problem as the goal is to prevent pool water from leaking out.
Aesthetically, it will not look as clean to have a bead of sealant or two part epoxy around the wall fitting but will work equally well to stop the leak and unless there is a significant problem behind the wall, is as valid a fix as removing the fitting to replace the gasket.