newtonian mechanics - Second law of Newton for variable mass systems

Frequently I see the expression

$$F = \frac{dp}{dt} = \frac{d}{dt}(mv) = \frac{dm}{dt}v + ma,$$ which can be applied to variable mass systems.

But I'm wondering if this derivation is correct, because the second law of Newton is formulated for point masses.

Furthermore if i change the inertial frame of reference, only $v$ on the right side of the formula $F = \frac{dm}{dt}v+ma$ will change, meaning that $F$ would be dependent of the frame of reference, which (according to me) can't be true.

I realize there exists a formula for varying mass systems, that looks quite familiar to this one, but isn't exactly the same, because the $v$ on the right side is there the relative velocity of mass expulsed/accreted. The derivation of that formula is also rather different from this one.

So my question is: is this formula, that I frequently encounter in syllabi and books, correct? Where lies my mistake.