I've only recently moved to low-cut Goretex MT-60. Of course they don't keep the water OUT (Well they do pretty well for light spray and a bit of mud).
Important thing is, riding every day through multiple downpours the last few weeks, I notice that once they fill up (really fill up properly, like tipping water out), then the water is trapped trapped nicely inside and has a real opportunity to warm up, and my toes stay warm.
In the past every sloshy puddle was replacing the existing water with fresh freezy stuff. So Goretex shoes are good..even when they fill up with water. (Plastic bags might be about as effective mind :lol:)