Then there's the old standby that was used on sailing ships and other wood outdoor uses for the past 200 years, Linseed Oil. Raw Linseed oil is very aromatic and slow drying. It doesn't harden well either, so best not to use this where body contact will be an issue, but a thick layer of it (several coats) will last a very long time, and can be re-coated when longer protection is needed..
Boiled linseed oil (BLO) dries in 24-48 hours. A second coat tends to become one with the first coat, so there are no adhesion problems between coats. Both versions do wear off when exposed to the elements, so a fresh coat will be required every year or two.
But there are 2 negatives for using boiled linseed oil -
#1 - It gives off a strong odor while drying that some find objectionable. I personally like it.
#2 - It can be the cause of spontaneous combustion, but only if you leave the oil soaked rags bunched up while the oil in them is trying to dry or somehow prevent the release of the heat as it's drying. Don't leave them bunched upon the bench or bundled and thrown in the trash. The drying reaction gives off heat, and a bunched up rag soaked in boiled linseed oil will generate considerable heat as it's drying, even in just an hour or so, enough heat to sometimes cause the rag to catch on fire due to this drying reaction.
When applied to outdoor wood items, the surfaces are well exposed to free air circulation, so this drying heat never elevates the temperatures of the applied finish more than a few degrees. Whenever I use BLO, I keep a pail of water with a lid available, and submerge the oil soaked rags in this water immediately after I'm finished using them, and put the lid on this container for 24 hours+. By then, it's safe to ring out the water and throw the rags in your trash. Another way is to open up the rags and hang them or place them on concrete or over a metal fence like a chain link type of fence for an equal amount of time. The free air flow around them will keep them cool as the oil is drying in them. When dry, or submerged in water, they aren't a significant fire hazard.
I have been using a "Marine Grade" of polyurethane when I want better smelling and safer wood protection outdoors that dries hard reasonably quickly. There are many brands, but stick with one of the better names and you should be happy with the results. It doesn't soak in as much as the linseed oils do, but it does last well and can be recoated when needed. I buy most any of the popular brand names and they hold up well outdoors, but Sikins is the name reputed to be the best. There is much less chance of fire with these polyurethanes, since they don't create significant heat during the drying cycle, but you do need good air circulation when applying it and while letting it dry. The solvents contained can affect your health if you are exposed to strong concentrations of it while applying or drying.
Charley