If the neoprene is “open cell” then it’s going to take in a lot of water, especially if it’s being flexed by a board. Make sure only closed cell neoprene is used for any sealing.
I haven’t had any problems with closed cell neoprene but it’s always been compressed 50%-75% or so making it tough for any water to get in even a little.
Depending on how flat it’s squeezed it can take a “set” and not bounce back well but I have had good luck with that as long as I use good quality neoprene and don’t squish it flat.