I like that shape a lot, not the folds/creases though.

I've tried gaffers tape, strapping tape and bicycle inner tubes once each. The rocks shredded them or the water rendered them ineffective. I forget which was which but none made it a whole trip. I could tell when they failed just by listening.

Old road bike tires (kevlar belted) work well for me. The really expensive kind that come in (new) a box. Just ask a bike shop to set a few old used ones aside for you. Ideally, w/ some rubber left but no tread. Cut off the beads and use contact cement to apply.  They stretch and conform very nicely.

I don't use them because I may hit a rock by accident. I use them because I get out a lot and they are grippy. I can usually find a spot where I can lift and set the bow and stern on rock so the canoe is free to move with the waves w/o damaging the canoe. I love 'em and they last for years. Wouldn't want them on in rapids though as they are grippy.

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That canoe is ~25 years old and I've been using contact cement for over 20. I did noticed a slight yellowing last time I replaced my tires. YMMV