Personally, I stay away from the 2-part foam. I've had hands on experience with this destroying a wooden tunnel hull in the past. Water eventually made its way into the foam and just rotted everything. Plus the boat took on extra weight. Easy enough to get water to seep inside even the tightest spots, but almost impossible to get it back out though. As much as we like to think we've got things sealed, it's almost never 100%.
As for the foam sucking up water, I've also had pool noodles suck up considerable amounts of water. The difference though was that with the noodles I just took them out, threw them in the dumpster and put new ones in. Cleaned the inside of the hull while I was at it. You can see the discoloration of the fiberglass in a hull if the noodles actually hold moisture in there for too long...imagine what it can do in the long term if you can't get that moisture out.
I've also had the bad experience with the 2-part foam on my full size boat. It's a 2 layer FG construction, with the foam between the 2 layers of the hull. Exceptionally rigid, but guess what happened when a small crack developed in the keel and went unnoticed for a while? You got it, the darn foam sucked up all the water, hull weighed a ton and I had to open up the floor of the hull and tear out the foam. NOT a pleasant task let me tell you!
Anyway, I know for a fact that a lot of guys still like to use the 2-part foam, and I respect that, even some boat manufacturers will sell it with their boats, but me, I've had enough bad experiences with it to stay miles away!!!