I am curious about the soaking and theoretical shrinking. I can absolutely see doing this wetting to keep down dust. I use a fan to lightly blow across what I'm wrapping and I wear gloves.
Because of the materials involved it's hard for me to believe the material shrinks due to getting wet.
I like this double-thick wrap. If you tend to double-wrap areas this will alleviate the need. I've had small areas, in the very hottest places, melt down to form a thick crust. Most of it remains pliable and reusable unlike DEI Titanium which becomes very fragile and crumbly. I am now ordering to try, this inexpensive wrap with good reviews.