My best answer is---it depends on what you want your wood to do:
I like Poly because it's hard to go wrong--don't get me wrong--there is a learning curve. It's durable, food safe and can be used in many forms--regular out of the can, wipe on or spray. All you have to do is decide how many coats and how much shine, I'm a great fan of semigloss;
I don't usually use on light colored woods as it will either darken it some or may add some yellow. A good poly finish should be fluid resistant.
There are lot of other finishes and I've pretty much tried a lot--so I can give my 0.02 so you don't make co$tly mistakes. (Some may disagree--but this is my experience)
Shellac--pretty finish, but in my book NOT durable. It's the main ingredient of a lot of the friction finishes. Great shine right away, but dulls. Might yellow light woods. Any solvent or cleaner with alcohol will take it right off, so be careful.
Lacquer--also nice, but I find not too good for utility items like bowls that get a lot of use. Great for things that will sit on a shelf or wall. Solvent is a PITA. It did use to be my go to for light woods since it does not yellow.
Mineral oil--great for rolling pins, cutting boards, some bowls-- but has a price. It never cures and will need to be reapplied. I see it often mixed with beeswax. Both are food safe, Should be fluid resistant in a bowl.
Linseed oil--usually seen as BLO-boiled linseed oil: A little goes a long way, In my initial poly coat, I usually have some mixed in because it makes grain "pop". Some will use BLO as the only finish--foolish in my book, Yes it will make grain pop and darken the wood but may never cure and can actually go rancid. Whatever rags are used with it need to be disposed of properly--spontaneous combustion is real!! It happened in my shop! (No damage--but a scary learning experience)
Polycrylic-- now one of my faves. A little learning curve -- the first coat always needs to be sanded as it does raise nibs--after that it's gravy, Dries quick and is durable. It is really good for light colored woods when you do not want to darken the wood. No--cannot be mixed with BLO as this is water based; BLO solvent is paint thinner (water base and paint thinner don't misce ) , that's I think why it will raise nibs on wood.
CA finish- I don't use it much except on small items or peppermills/shakers, or other small stuff. Better in multiple coats and can be a pain to clean up. (Best advice---Don't use it on anything you can't move) I also use it with regularity to harden punky wood. This should work in your cereal bowl query.
Sanding Sealer- is usually dewaxed shellac. I've seen some use it for finish--pretty ho-hum in my book. All I use this for is hardening punky areas.
Epoxy-- I do use this occasionally when I need a really durable finish and have a good supply of patience, I will use it on the inside of urns (just don't trust end grain vessels). I have use it on platters and cake stands. I've only used 2 part mixes like the bartop formulas.. Long learning curve here.
I have not used Walnut or Teak oil.
Tung oil is a nice finish too, but takes longer to cure--not compatible with my ADD. I believe that's the main ingredient in Waterlox too. A bit pricy--more so than Polycrylic.
I know that some will take exception to some of my statements---but then that is the stuff of discussions