OK, this is it for me. I just thought I would show the advantages of not relying completely on a cloak. First off, this is not about material (wool), so let's put that to rest. The point I made to begin with is that there are better options available that would be more useful and versatile for preppers and outdoors enthusiasts.
Here are 2 identical stuff sacks:

The gray one has: 1 GI wool blanket
The green one has: 1 Marmot Precip rain jacket, 1 Patagonia MARS regulator fleece jacket, 1 Kifaru parahootch silnylon tarp

As you can see from the picture; the 3 purpose-made items take up less space than the 1 blanket. The green stuff sack can still be compressed. The wool blanket would not even fit.
Next, I wanted to compare weight. Since my fish scale has disappeared, I just hung a bungee over my pull-up bar to visibly demonstate the difference:

The blanket side is noticably more stretched out.
So, now lets get the wool blanket wet:


Reverse side. Water is soaked thru. No surprise; but, not an issue with ponchos or rain-gear.

Note: Just had to reaffirm that wet wool smells horrible.
Now, back to the weight difference comparison:

The wool blanket is vastly heavier when wet. This was only after a 1 min, unpressurized soaking.
Wearability:
"Cloak"

Rain jacket with fleece underneath. Tarp is "in-hand" ready to string up:

Wearing real clothes would allow me complete freedom of movement without dragging my only source of warmth/shelter thru the elements and snagging on every branch.
Now, I know some of the brands I exhibited can be pricey. Here's the same green stuff sack packed with .mil gear:

A little tighter fit than the lightweight hiking gear: GI poncho, GI poncho liner, USMC Gore-tex parka:

Same benefits as before; a dedicated shelter with separate insulating layer and rain jacket so you can go about camp chores and still stay dry/leave shelter intact.
Now if all you have is a wool blanket/cloak/robe whatever, that is a solid piece of survival gear. If you are prepping, then take the time and budget to have quality gear, designed for backpacking/hiking for your BOB. I know the cloak concept has had a long and useful anthropological history; but, I think it's important to point out the better alternatives, especially for those who come to this forum looking for advice/guidance. Just because Dave Canterbury demonstrates how to wear a blanket, does not mean that is the end-all be-all of bug out gear.
This is not "hating" (I still despise that term, that's how teenagers and idiots talk). This is a serious explanation of why I would not advocate a cloak. And, while I'm no Woods Walker, I do spend a lot of time outdoors and I've had plenty of cold, wet, miserable nights while serving in the Marines--my opinions and gear selection are based on a good deal of personal experience. YMMV.
As for my little "experiments", there is no camera trickery or any attempt to be deceiving in any way. The materials and methods are explicitly displayed, so feel free to replicate.