No it fills with a thin layer of water between your skin and the rubber.The body warms this thin layer and then keeps you warmer by insulating you from the cold water.
A survival or dry suit has elasticated neck,arms and leg bands which do keep you dry.
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A Wetsuit makes you float because it heavy and it hardly dissolves water like an ordinary swimming costume dissolves allot of water which is why you cant really float on top of the water with one on