See, I would love to see some data on that. In my experience, wool absolutely does not keep you warm when wet, and in fact keeps you as cold as fleece clothing. People keep saying that on forums, but I am yet to see a study that shows that.Never had Merino wool, at least that I am aware of. But had plenty of wool base and mid layers and still use them.
But the main idea of wool is not that it will keep you dry, or wick away moisture. The idea is that even when it's wet it keeps around 70% of it's insulating capability. I.e it keeps you dry even when wet.
But wool takes it's time to dry to, and when wet it becomes even heavier than it already is. The thing with wool is that you accept that you are going to be wet anyway, so you use a base/mid layer that will still keep you warm when you are.
Modern materials is much better at wicking moisture out, they are lighter than wool also, and dry time is shorter. But they smell terrible from sweat, and lose much more of their insulating capabillity when they do get overwhelmed.
What to use must be up to each of us. We all have to walk our own hike.
As I said, for me bushcraft is a set of skills, and they can be used regardless of your choice of gear. I tried to stay out of the rest of the hoopla, but the whole wool keeps you warm when wet thing, just bothers me because in my experience it is absolutely not true, and I ma yet to see any verifiable data to confirm it.