Thats exactly what happens, but once wicked to wool, there's not really anywhere for it to go when in a boot, and wool may wick, but it doesn't really dry that fast while in a sweaty non-breathing boot. When wet, wool sort of works like a wetsuit, in that the water/sweat in it warms up.
I like the liners cause they are light and you can bring extra without adding that much weight, so even if yer woolies are crusty you can throw on a new pair of liners and feel all fresh and clean.
BTW, what's with boots claiming that they are "breathable", unless there's mesh it aint breathable, and if there is mesh it aint waterproof.