Western Red Cedar Shingles versus Shingle 8ft panels

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I own a home on the Oregon coast and it is ocean front. The association has decided to replace our siding and have chosen Western Red Cedar Shingles hand dipped. When we received the material bid, the price was to much for some of the owners, so they are looking at the same product but doing it on 8ft shingle panels. I understand how it works, but does it give the same protection as single shingles? We want to make the right decision and the installation of this material is 3 times less expensive.