Similar with my merino tops. You work hard and sweat it is very easy to overwhelm merino. It absorbs moisture into the fibres I believe up to a point then becomes saturated. It does not really wick. Of course it doesn't allow bacteria to thrive causing odour issues.
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.
The debate is somewhat the same between down and syntehtics. When I was buying a new sleeping bag this winter, I was debating with myself if I should get a down or a syntehtic bag. Since I plan to use it laying under the nothing but the stars, and this is Northern Norway on the coast we get fairly wet winters, I chose a syntetic bags, as it's hollow fibers will retain some insulation power even when wet. While down collapses and becomes useless in that condition. The penalty is added weight and bulk for the synthetic bag...but I haul my winter kit on a pulk, so no problem...
And the pulk is definately modern with it's plastic material. I did look at an old school wooden pulk from the Norwegian army. But the pulk alone weighs 17 kilos empty, so a 2,5 kilo plastic paris Expedition pulk it was. My old school, heavy winter gear is heavy enough.
What to use must be up to each of us. We all have to walk our own hike.