Replacement kerf seal for Double Hung Wooden Kolbe windows

Hello,
I recently moved into a house and would like replace the weather seals in the windows as they have not performed well this winter. Rather than just replace the existing seals, I want to make sure I'm using the correct seal. The windows are combination metal and wood, kerfed, and currently there are two different sizes of bubble seal installed. You can see from the third picture, the bubble has become oblong over time. Based on what you see here, which product would work best?

Additionally, is there any reason to use a kerfed bubble seal over just a peel and stick foam?
Thanks!