Yes and no. I have worn mine for over a year in the rain and maybe I have jumped into a couple of bodies of water with it on with no problems. There is a touch of hygroscopy (ability for an object to absorb water) involved. If your braid is soaked day after day you can expect it to absorb some water…which means blood, sweat, and adventure may make it swell a little bit and feel a pinch tighter.
But what you really need to consider is the fishing hook. It’s the 21st Century and science has come a long way. Some of our animal loving friends decided that it was a bad idea for fish to swim around with hooks in their mouths (assuming the line broke). So it is pretty much mandated that fishing hooks are designed to dissolve/rust out after 2 weeks in submerged conditions.
We had a beta tester wear his in the shower everyday…in a few months’ time it literally fell apart.
Do your best to keep it dry but don’t make any great effort. Like I said, mine is completely fine and I don’t treat it so nicely (but I don’t shower with it on either).