Does anyone know if this stuff is waterproof......or does water soak into it at all?

reason I ask is... where my loom goes through the firewall..the rubber gromett is fucked.....(I have one to replace it but that means I would have to mess around heaps just to get the loom through it as there is no way of disconnecting one end exactly) so...I was thinkin of filling the cavity around the loom with expanding foam to stop water entering.

dont want to use it if it holds water....as this will no doubt lead to rust....

or does anyone have a better idea than this....?

cheers