No, worse!
Be this is caused by perhaps acid etch primer (lacquer) under the Kondar, factory lacquer under the Kondar or the Kondar itself, bottom line is the paint job is toast.
Yes even a fender that still looks good at this point when you sand and repaint, good chance that fender will blow up after in sun a short time later.
Example:
A couple of years ago a real good restro shop called me, the customer had a 69 black firebird with either 3000-4000 miles on it, that he had parked in the basement since new.
Factory lacquer, I think we would all agree but had two ping dings he wanted fixed and then a black base and clear over it to go to the southern rod run.
The paint was perfect the shop owner said when he called and I told him he must strip to be safe.
Car was scuffed and painted and sat in shop for 3-4 months, then one morning pulled outside to wash up for owner to come and get. By 11:00 the car was blistering.
Remember, lacquers deteriorate from the time they are new, just like the plastic in you car.
The cause of this is the lacquer say is xamount of years old and has say lost half of its solvency, when you apply fresh solvents over it, it will soak some solvents up and you may have one area that has soaked enough to be newer then the paint next to it and they will expand at a different rate and blister time.