Yes it will continue to bleed through top coat layers if it bleeds through primer. Latex primer wasn't the best choice, but I have knotty pine that is even starting to bleed through even the alkyd primer (which I used after the bleed-through on a SW latex primer and top coat that SW personnel promised me would not bleed).
I would not expect shellac to cause problems on top of primer - personally I would brush it on, but several coats of sprayed shellac should work too.
Many years ago I put redwood siding on a house, unusual for this end of the country. I was the builder. The buyer wanted to paint it himself. I got him to prime it all the way around with latex primer. Then we installed it and he applied two top coats. It bled through. Extractive bleeding. The paint store recommended another coat of primer and a single top coat. We had only done the front at this point. We did the rest of it with double primer and it was successful. In fact, no one repainted the house for at least thirty years and it still looked OK.
I would look into Bin made by Zinser to stop the bleeding. It's white shellac. Rattle cans or brush. Double check with paint store or paint company.