I like wool. I like synthetics. I don't get all religious about clothing while hiking. Actually, cotton works well as an insulator, but fails miserably at water absorption. Under the right conditions cotton can be considered the best. Under other conditions, the adge "Cotton Kills" has real meaning.
Like so many things, evaluating the whole environment of a camping situation means a lot to what I choose for hiking/camping. I do about equal portions of hiking and canoeing in the ADK's. I generally choose corse wool socks, a fine(merino) wool base layer upper/synthetic lower, and, also mixed outer wear(fleece pullover, down jacket, synthetic rain gear) after that.
It is not about "Wool vs Sythetics", it IS about maintaining a comfortable evironment and carrying it. Wool is not light. A typical merino wool shirt will weigh 6oz with a synthetic shirt weighing just 4.5oz. Synthetics wick better. And, they dry easily. I don't know for sure, but I would guess that equal weights of merino wool and super drys(insert synthetic of choice) are roughly the same for thermal efficiency. But, wool generally distributes sweat better around my entire body, not just the primary sweat areas, so, it also keeps me cooler when it is warm, and, maximizes my use of my sweat...hence, my water use and how much I need to carry...hence, my pack weight. (Just making a point....)
Soaked wool??? Well, it's warmer than soaked synthetic if a LOT heavier. Wet is wet. But you cannot compare them without comparing them under the same circumstances and goals. And, as with "Wool vs Synthetics", with the same set of values/preferences... you end up getting very subjective about things. How much time do you spend wet? How long will the rain last? How good is your rain jacket?
Anyway, I use both as needed. They are different and have different strengths I *try* to exploit to my advantage.