So, your question is, will it leak like a waterproof-breathable jacket? The fact is, waterproof-breathable jackets are indeed waterproof; that is, rainwater will not seep through from the outside to the inside. But they can cause condensation buildup on the inside, and that, combined with "wetting out" of the surface fabric with the DWR (durable water-repellent) coating is overwhelmed, sure as heck makes it feel like it's leaking. Years ago, makers of outdoor wear learned that the majority of gear users will sacrifice breathability for the sake of waterproofness, so they've long skewed their products in that direction.
Same for tents. Bibler uses a PTFE laminate (chemically identical to Gore-Tex, but with fireproofing treatment) in its tents. It's a heavy laminate; the stuff will not leak. But that also means it's not really all that breathable. So single-wall tents such as the Bibler take particular care to provide good ventilation. I haven't used the Ahwahnee a ton, but in my experience it does a very good job of resisting condensation build-up, and is extremely weatherproof.
Now, if it were just affordable...
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