Spar urethane? Maybe wax the endgrain first if that part gets wet.
Pretty much everything needs refinished eventually, assuming it isn't a naturally resistant material. Cypress is generally pretty good for exterior applications, lots of boat docks and such built from it if I recall correctly.
Ultimately it depends on the look and style you're going for, the urethane won't really let it "weather" and get the patina you may or may not like. I personally haven't worked cypress myself, so I can comment on how it takes up oil type preservatives and such. Maybe someone will come along with more info than me. If you want it to stay "new" looking though I'd just sand it up really nice, spar urethane a coat, steel wool/sand that coat smooth then a nice second coat and call it a day.