Yes, you are correct, non treated aluminum will oxidize and protect itself as long it's not submerged or water is pooling above as in most cases where the fuel tank senders are.
Worst for raw aluminum is constant humidity what will pit aluminum and for this reason no foaming in and PVC strips instead of neoprene what is spongy, and the strips have to be perfectly glued on so that no humidity can collect between strip and tank.
The main problem of painted aluminum is same as on any painted aluminum structure, sooner or later humidity creep between paint and aluminum and start oxidation creating aluminum oxide powder what remain always humid and accelerate the process of bubblin/flaking off the paint. Not a aesthetic issue on a fuel tank, but a problem for faster pitting.
When i have to replace my fuel tanks i am still not sure if i wan't them coal tar coated, or bare aluminum, i think i will decide when i have them out and see in what shape they are below to decide if cola tar epoxy is needed or not.
Below a photo of my 1998 BW 23 Outrage's fuel tank we pulled around 2008 and from then shipyard owner left it outside exposed to the elements. The fuel tank developped pinholes on the bottom where tank was touching bilge water due a different boat level after i installed considerable more heavy twin F150's and she became stern heavy.
My Outrage was a lemon, but one thing BW did theoretically well is that the fuel tank is hanging on the brackets, but it was like only 100 gallons. The hanging tank avoid strips where other tanks rest, but BW made the tank too deep so he touched bilge water and corroded :-(
