Yeah - that's mostly wrong...you DON'T WANT the moisture to escape. It needs to stay inside your VB so your body will stop producing moisture. With a real VB the moisture will only escape at the openings. With a pseudo-VB like wpb raingear, you'll get a little bit escaping thru the fabric...but your insulation will still be warm so whatever moisture gets into the insulation will move thru just as easily as it would have otherwise. In theory, you may find more localized moisture...at the zipper, for example. I don't know if there would actually be enough of that to notice it unless you're actually sweating, though.
Remember that the threshold for "breathable" clothing is ridiculously low...passing something like 2% qualifies as breathable.
When I use a VB, I wear silkweight thermals, my raingear, then my insulation. One time I wore my fleece inside my rain jacket and my fleece was damp in the morning. Next night, almost same conditions, I put the fleece on the outside and could easily tell a difference in moisture and in warmth.
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