Quotation marks aren't always used as "scare quotes". They can be used to show common usages as well. In this context, the sealant is made of a heterogeneous mixture of latex particles and a solvent system. The solvent system is a glycol and, perhaps, water. I used the "liquid" in quotes not to frighten you but to say that it isn't water and to differentiate the liquid from the solid latex in suspension.

I was using the vernacular "coral" for the agglomerated latex and put quotes around it to differentiate it from coral that is derived from the skeletons of marine organisms. The agglomerated latex isn't actually that kind of coral.

You are assuming that because the sealant is still liquid that it is still serving the same function as it has in the past. A year is far longer than most people report for the longevity of tubeless tire sealant. Without inspecting it, it could still have a...and here come those scary quotes..."liquid" nature but it may no longer be a latex suspension. Just because it is sloshing around in the tire doesn't mean it is still the same material you put in there a year ago. If the latex has crashed out and is no longer in suspension, you just have a liquid filled tube.

Finally, neither Slime is more like Fix-a-Flat but only marginally. Both Fix-a-Flat and Slime contain cellulose and glycerol. But Fix-a-Flat doesn't appear to contain latex. A tubeless sealant like Stan's doesn't contain cellulose but contains latex. Stan's also uses a different solvent. The cellulose in the Slime serves to fill the hole and serve as a platform for the latex to agglomerate on. Stan's just uses more latex.