I have buddies who dive semi dry in fairly cold water.
If you know that you’ll need to dive fairly cold waters and do not want a drysuit you should definitely consider it.
I wouldn’t do it myself because I find my drysuit much more comfortable and warmer.
Please not that a semi dry is actually wet inside: just that you the water does not migrate as much due to the seals. But this means that you might be actually really cold during the interval/break/between dives.
That’s why you drop the top of your semi dry and wear a good coat and maybe even a hat. Buddy who has a semi dry forgot his coat once on a Lake Michigan charter and froze his butt off - 130ft dive at 41F.