No. Classically, there are two ways to clothe yourself for partially submersed activities in water: wetsuits or drysuits.
A wetsuit is a tight neoprene layer, usually full-body, used by divers, kayakers, surfers and such, which is designed to be worn right on your skin. It allows water into its pores, but does not allow any circulation of water between the neoprene and your skin. That means, once it is wet, the water that is in close contact with your skin (within the neoprene) stays there. Your body heats the water up, you end up with an equilibrium, and from that time onward it just does not matter whether you're wet or not.
A drysuit is something intended to keep the inside dry. It can be breathable or not depending on usage - for example, a one-piece drysuit used by fishermen is probably not breathable in the pants area since that would just make no sense as long as it's submersed.
For kayakers and similar (where overheating definitely can be a problem) there do exist drysuits (commonly worn over a wetsuit as additional layer, mostly in the upper body, not so much in the legs) which do in fact breathe, but at that point one can argue about whether to call them "dry"suit at all since due to the additional wetsuit underlayer it does not matter whether they are really dry, which they are not. They are nice insofar as they give a bit more flexibility; in hot weather one can peel down the wetsuit and just wear the drysuit - one won't be perfectly dry and might be literally drenched in a second during a roll, but that may not an issue when it's warm enough. And in the very cold, it's just an additional layer of warmth. They have special gaskets at the hands and neck, i.e. very tight rubber which, if sized properly, is quite effective. For kayakers in special, they rely on the skirt of the kayak having a similar gasket in the waist area - i.e., the jackets themselves (at least those I had) had no particularly special mechanism at the waist.
Normal functional trekking/hiking gear is completely open to water at the edges. Water will flow in at the top, and also at the bottom edges (due to how pressure works). You can do what you want to close it up, it won't ever be dry enough to be of any use when submersed. Even good drybags, where the lip is rolled over itself, can let water in when the user is too sloppy about it, and you just cannot construct any rolling system which topologically allows to interface two items with a human body part inside, there will always be a wrinkle somewhere that eventually will allow water in.