Back in the day, caulking the framing seams was an upgrade to the basic insulation package, so, yes it is not completely unheard of to seal that joint. Since the advent of housewrap/tyvek, I don't know how prevalent the practice remains. It is one spot where a draft is particularly unwelcome.
Outside walls only.
Casey

I am preparing for hw floors too. We've had a terrible draft that came from under the baseboards. After pulling up the baseboards I can see why. The concrete slab is separated a good inch from the foundation and there is only drywall and outside siding keeping out the wind. I'm going to put down expanding insulation foam.

Thanks!
Aside form taking off the siding to peek. How would I know if my house was wrapped?
It was built in 1995 but the prior owner was the gc and during the reno we have found many things are non-standard that this guy did.

One other reason for caulking where the angles meet is pest control. That area is where fleas, roaches and the dreaded bedbugs like to hang out and chat and make babies.

Caulking that area was always part of my pest control on rental properties.