Here is a picture of a couple dozen 1.5’s I bought in 2015 and never set. I never changed the springs on this 2 dozen, but I did change them on the other 3 dozen and used that 3 dozen. That was a bad year for me - set 3 dozen on the first day of my planned 2 week local mink line, next morning every trap had one broken spring. Took over a week for new springs to arrive, changed them on the 3 dozen I originally set, but by then my 2 weeks was basically over and I had other obligations. The two dozen in the picture have hung ever since, maybe I will get around to changing the springs and using them someday, but they are useless as they hang. You can see a bit of rust in places after hanging 9 years.
The paint does wear off in use, of course. And it is a type of paint, but it is applied through a process called “e-coat”. You can look up e-coat, but basically paint is suspended in water, and electricity is run through the system causing the paint to be deposited in a controlled and very even thickness. It has the advantage that anyplace water can access will have paint deposited, and the thickness can be controlled by adjusting the parameters of the process. After the electrical deposition of the paint, it is baked on to cure. One of the main applications is as undercoat in auto body parts. Nothing is forever, but e-coat is hard to beat for coverage in crevasses and tough to reach spots because if water can get there, the paint will also. It is not a process that can be done at home or at small shops, takes an industrial setup with chemical recycling and specialized equipment. There is “e-coat touchup” spray paint available, but I have no experience with using it.