Cotton absorbs and retains water (sweat or otherwise) and becomes a body temperature conductive layer, heavy and chafing. Hypothermia. Polyester does not absorb water and will keep you warm even if wet if not subject to evaporative cooling. Spend 8 hours a day wet in either and you will toss the cotton.
If you think you are going in the water for any time, then you need a closed cell neoprene wet suit or dry suit to survive. You will enjoy sailing more in a dry suit. For really cold water you want polypropylene under either. But that is a whole other situation than sitting in a damp boat in damp clothing. I have spent a lot of time in cold water and working in wet gear, there is very little safety margin. And once you go over to hypothermia you become a liability to your crew who have to attend to your medical emergency. On my boat the rule is Cotton Kills, suitable only for a narrow range of boating conditions.
If you think you are going in the water for any time, then you need a closed cell neoprene wet suit or dry suit to survive. You will enjoy sailing more in a dry suit. For really cold water you want polypropylene under either. But that is a whole other situation than sitting in a damp boat in damp clothing. I have spent a lot of time in cold water and working in wet gear, there is very little safety margin. And once you go over to hypothermia you become a liability to your crew who have to attend to your medical emergency. On my boat the rule is Cotton Kills, suitable only for a narrow range of boating conditions.