I am somewhat biased, because I sell wool. That said....
The reason I sell wool, is because I use it. I have used wool in a range of temp's from the 60's down to below zero.
There are some modern materials that shed water great. There are some modern materials that block the wind beautifully. But I have yet to find the material that does ALL OF IT like wool.
Wet, windy, damp, bitter cold.....A proper wool garment will do it all.
My bitter cold outfit is usually:
Merino wool socks and longjohns
Filson or Woolrich wool pants
A thick Filson Sweater
An Asbell wool vest
An Asbell wool zippered jacket or pullover
A wool Stormy Kromer hat
1/2 finger wool gloves
Schnees pack boots.
Honestly, I can stay out indefinitely with that gear. If I get active and warmer, I will unzip the jacket and vest, or remove one of them. I also often regulate my temperature by removing my hat.
I have heard the argument that modern materials accomplish the same and are lighter weight. I have investigated it, and I'm not convinced....especially when COST is factored in.
I absolutely WOULD NOT sell wool if I didn't believe in it.