Good question and comments. This is often the leakiest transition in most homes, mainly at foundation to framing. The typical sill sealer used here is too thin. Best to use thicker sill sealers, gaskets or caulk the top and bottom of thin sill sealer during installation. Since most architects and builders miss this detail, it can help to caulk the sill to the foundation while there is still access from the inside.
If you can't reach the sill plate, it can still help to caulk the drywall to slab, subfloor or finished floor. This can help mitigate moisture, bugs, dust and energy loss. If your wall cavities aren't spray foamed, dense packed, or SIPS, then they are probably acting as air pathways to some degree. Air can be pulled through them from the basement, attic or floor framing cavities and with it can come dust.
Stopping this sort of unwanted air movement is better from a moisture management standpoint as humid air traveling through cold building cavities leads to hidden moisture problems.
Acoustical caulk, urethane caulk or high quality one part spray foam are good materials for sealing. I wouldn't bother with Dap's and other water based spray foam, I've seen it turn to dust with light touch, just days after installing.
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Caulking between drywall and floors
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