I have used it for a long time and unless you are bonding fabric to fabric it is not good. Covering clips using it won't hold, for very long anyway. It has to be fabric to fabric.
For applying sequins I would use Jewel-It. It is good for applying any kind of embellishments to ribbon or anything else for that matter.
Here is a link to the product page with info. Aleenes Jewel It Embellishing Glue 2 OZ. $2.22 each / 3 for $1.50 ea.