ALL urethane foam degrades pretty quickly. I know of no "coating" that will prolong its life without making it impractical for someone in a suit to wear.
The biggest problem with making mascots of that upholstery foam is that it is closed cell foam, absolutely doesn't breathe, and will make your performer extremely uncomfortable very quickly (been there, done that).
The best foam to use for any kind of costuming where the person will be in it for long stretches of time is reticulated "scot" foam.
It is much more expensive than regular polyurethane, but is open-celled, meaning it allows air to pass through, and is more durable than upholstery foam. It is, unfortunately, harder to source.
If you absolutely need to make it from polyurethane, lining the whole thing with a breathable light fabric (like tricot) so that the foam is not against the skin of the performer is: A - necessary for their comfort; and B: will prolong the life of the foam.
Hope that is helpful.
Rick
PS - Big companies who do budget mascots often make a compromise between polyurethane and scot foam by using the cheaper polyurethane but punching a network of holes in it to make it semi breathable.