Aye Up Rhyan,
Here is my two-pen'th on the subject -
I've been using hooped bivvies in my job for decades since I first came across the Argy tunnel patrol tents back in the '80's - starting out with DIY versions that I made from Brit military ponchos and either glass fibre or aluminium poles and then progressing to even lower profile versions. If you need to be bushcraftY i.e. discreet and extra low and the ability to sit up isn't an issue it is the way to go.
As several have stated, condensation can be a problem if you don't vent them correctly and there are so many factors that can affect this that despite my best efforts I have sometimes ended up slightly damp - but never wet. (mossi net at closures helps).
More of an issue to me has been the impression of lack of foot room and the fact that the upper material can come into contact with you/your doss bag beneath and so you loose heat via conduction, especially in heavy rain/snow.
Some years back when I came into a bit of brass I forked out on a Corinthia Goretex Observer Bivvy (£££!). It has proven superb for covert rural observation but I still ended up modding it to create a foot box and a diagonal ridgeline to raise the bags upper body section from myself beneath. As far as heating up food/water whilst still maintaining the low profile, an appropriately coloured umbrella, again modified for use against the hooped end of the bivvy has proven successful if you dont mind operating on your side/back/stomach/elbows/hips etc Lol!
Used for normal bushcraft I have found that I still need to set up a ridge style basher above it for cooking/freedom of movement and so as someone commented a standard poncho basher (tarp) set up and a normal bivvy bag or that one man tent (looked at Lavvus?) might just be better in most circumstances. The (commercial) hooped bivvy might be an expensive route to go down to find out they are not for you.
However, there is a potential (and relatively inexpensive) trial option that you might consider the Dutch army issued a (Brit dpm pattern) single hooped Goretex type bivvy (Ive moded one for observations making it similar yet slightly lower still than the Corinthia).
I picked it up for about £40 from Surplus and Outdoors in Kidderminster (no commercial connections!) about 18 months ago. Even if it doesnt become your usual bushcraft M.O. it is still a useful bit of kit to have for what-if scenarios. Hope that you find this useful.