Modern dry/survival suits are made from gore-tex, they are light, waterproof and breathable.
they are easy to put on and off. In case of a hole, everything can be holed, there is a survival knife on a lifejacket, right? Just cut a leg off the suit.
They also cost more than a small lboat, it is why we still see these bulky last century neoprene suits....
Musto HPX Offshore Dry Suit | Musto Foul Weather Gear | Musto Sailing Gear
I wearied one below for 25 days, i survived
Kokatat | GORE-TEX® Expedition Dry Suit - Men - Dry Suits - Products