You are correct !

This is how I figure: if it’s sunny outside and the outer layer doesn’t have to “work”, the hydrophillic interior pulls the sweat out so hard that it ends up on the outside of the fabric and ready to evaporate. If it’s raining outside the hydrophobic layer will repel the rain while the interior pulls the moisture off your skin and on to the surface, keeping you dry. It’s complicated – I’m not a textile engineer, although at times I wish I were. Did you know that classic and top quality cycling jerseys were/are made from merino due to those characteristics ? I’ll have to believe them until I can prove otherwise and if I’ve had the wool pulled over my eyes than it’s due to a great looking product and I only have myself to blame.

Though I fail to see how it can be both hydrophilic and hydrophobic at the same time…?
Is it hydrophilic on the inside and phobic on the out?