Just as
@Lawnboi suggests, they are composed of the same material as a waterproof membrane in a boot (probably a PE membrane, like Sympatex). The key difference being you can choose when to use them and when not to.
They feel nothing like a neoprene wading sock, as there is both a knitted fabric interior and exterior, which helps with moisture management. They are ment to bed worn over normal socks as an “outer shell” of sorts.
The dry reasonably quick, much quicker than a boot. If you are hunting a costal climate where the humidity is high and the drying conditions poor, rotating between two pairs is probably the best strategy. Again, can’t do that with a boot.
No issues with longevity so far for me. I’d guess I have perhaps 12-15 days of use in total so far. I only really use them during rain or early/late mixed wet snow conditions.