If you want something that looks cool, the SS/walnut guns certainly are. If you want something for wet, harsh conditions they don't make a lot of sense. The walnut is the weak link.
A blue metal finish over time in wet conditions or hard use will show scratches and surface rust much more easily than SS. But it takes a lot of long term neglect to reach the point where it effects the guns function. Even a SS gun neglected that bad will give you problems.
Wood on the other hand will often go from being perfect to useless in a matter of minutes, even seconds with no warning. No matter what you do, there is simpy no way to waterproof a piece of wood, and even if you did, it would not address the real problem.
Any wood stock has about 15-20% of its weight as water sealed inside the stock. If they removed any less at the kiln the wood would snap like a matchstick. Even if you completely seal the wood to prevent more water from getting in, this internal moisture expands and contracts as temperature, humidity and altitude change. This causes POI changes and occasionally split or cracked stocks.
The ultimate bad weather guns are syntheic and stainless. If I had to pick just one feature I'd 10X rather have a synthetic stock with blue metal for bad weather than a walnut stock and stainless metal.