it is called heli tape because they use polyurethane based tapes to protect the leading edges of helicopter main rotor and tail blades from stones and sand erosion. Metallic leading edges do not last long in the desert.
PU is very, very resistant to erosion and yes it will survive very well for chain slap but I prefer a thick neoprene or inner tube protection to reduce the noise and soften the impact which can still cause dents.
The main area for helitape on a bike frame is cable rub areas. Also use it where your clothes may rub (eh top tube) or where stone chips can happen – eg down tube and heals may rub – eg non-drive side chainstay and crank arms.
Helicopters use some stuff that is much thicker but also stuff that is much thinner so the thickness of bike stuff is fine. It won’t really protect against dents so use some thicker protection with more cushioning if that is your aim. I use a modified helitape on my carbon down tube and an inner tube on my chainstay (will fit a neoprene one when I can find one big enough).