Where I hike most often are many stream crossings. I try to wear shoes that have more mesh, so they drain out quicker. Since I'm wearing good socks, I don't blister unless I'm slogging along in water for several hours. As soon as I step up out of the water, my shoes start to drain, and before long they're dry.

Compare that to my Merrell shoes that are waterproof (it was kind of an accident; didn't mean to buy those particular ones). If I walk across a stream, they fill up with water and then are wet all day long. I'll blister because walking in wet shoes is the same as slogging along in water, at least to my feet.

Plus waterproof shoes don't breathe out sweat, either. So on hot days you're going to have wetter feet, and the risk of blisters goes up.