Yes, and there’s a clear line.
A dressing is meant to help create the ideal wound healing environment — warm and moist. A good dressing keeps a constant temperature at the wound surface and keeps the wound moist but not soggy.
Moist but not soggy is the whole answer in four words. Moisture is the goal; being soaked is not.
Going past that line has a cost, for more than one kind of wound. For ischemic ulcers and venous leg ulcers alike: keep the dressing and the skin around it dry, and try not to get healthy tissue around the wound too wet, because this can soften the healthy tissue, causing the wound to get bigger.
Two different places are involved here, and mixing them up is the usual source of confusion. The wound bed is meant to stay moist. The intact skin around it is meant to stay dry. A dressing that is doing its job keeps both true at once.
Dressings soak up fluid that leaks from a wound. Change a dressing sooner than scheduled if it becomes wet or soaked with blood or other fluids. A soaked dressing has stopped absorbing, and that is when the surrounding skin starts to suffer.
This page can’t give you a way to judge, from outside the dressing, how wet the wound underneath is. That is one of the things a dressing change is for.