Paint is mostly just glue and color, either pigment or dye. But paint is just designed to stick the pigment to a surface, so the binder (glue) in it is spread pretty thin. So the answer to your question is "it depends". What do you want to glue together? Paint works well for gluing fabric and paper to each other and to porus materials like wood. If you need a stronger bond, you can add more binder (glue) to the paint. This would be acrylic medium, or if your are cheap, PVA or similar glue. In most cases PVA glues (like elmer's white) will mix into the acrylic paint well, sometimes you get a reaction that makes a stringy mess. Although if you are adding glue to the paint for a stronger bond, you might as well use the glue as glue and forget the paint unless you need a colored bond line for some reason. You can also tint glue with "all-tint" colors.