I would be weary of repairing them if the puncture is in the side wall.
I first had a pair of boots fixed on the join of the sole to the leather upper using that glue, that's where i learned about it, and it's ridiculously strong but also flexible.
I was in no doubt it would tear again in no time but a few years later and they're still going strong, i still use them if working on the bike as i don't mind if they get scuffed.
It's a marine strength waterproof glue designed primarily to fix wetsuits, rubber boats, etc. so it really is good gear.
Personally though, i think i'd splash out and get myself a newer, faster pair of wellies.