I've worn a Country Innovation Rover jacket for 20 years, never done anything to it. Its double ventile and has the zip in fleece. I love it for its breathability and quietness. Waxing it would destroy that breathability.
In very heavy rain the cotton swells until no more water penetrates; the cotton stiffens up too. The result, if a bit heavy, is a damp but warm and importantly not wet. I've been through some horendous weather with it and its done what was needed. But I wouldn't consider it a true waterproof, more an environment management system.
For most of the year in Southern England with occasional foul weather then this coat is perfect. However, for Scotland, when everything is drenched most of the time, absolutely saturated, then only a full waterproof can manage. There is so much moisture, pure wet, that non of the "breathing" technologies can function. Goretex, Event, doesn't matter the way they work hasn't a chance to shift heat vapour out. The best that can be achieved is a waterproof barrier verging on a dry suit. Self generated moisture has to be vented out and managed with wicking fabrics of the inner cloths. Under garments that stay dry if steamy, but retain warmth even when damp.
Warm and steamy is fine when working. Its what you do when you stop working. That requires a change of cloths to a dry set. Managing your wet and your dry is the biggest challenge for extended expeditions. Thankfully most adventures last the day, or just a couple, before retiring to a central heated house. If you can't then after a while some kind of drying shelter has to organised where damp kit can be fully dried. Its why front line soldiers are rotated from the front to the rear. Its why most people who work in the wet have several set of cloths, one wet, one drying, and one dry. Keeping well is all about moisture management. Often sleep in the dry set and get back into the wet set in the morning to conserve the dry set. Do whatever it takes.
Cold feet are from wet in your socks and blood circulation. Warm feet: very dry socks and not tight boots. Change socks often as even foot sweat is enough to be too wet that will hold the cold.