Open cell spray foam insulation will dry completely after being wet, but too much water will effect the final shape and composition. The foam insulates because it is thick and fluffy. A light spray will not do much if anything, but if the foam is soaked, when dry it will be less fluffy and thus be less effective as insulation.
It depends on whether the spray foam is one component (i.e. "Great Stuff" or similar foam sprays in a can) or spray foam polyurethane. If the spray foam polyurethane gets wet after ~2 - 3 minutes, it will complete its cure due to the formation of a "skin" which is generally water resistant. One component spray foam in a can takes longer to "skin" over therefore the timing of when the foam gets wet will impact the cure. Water reacts with the isocyanate in the formulation whether it is spray foam polyurethane or one component sprays in a can. The reactivity profile of the foam system will be impacted more in the single component than in the spray foam polyurethane especially in the very early stages of foam formation.
Yes it does,In fact you should use good quality foaming like Foamcoinc foam spray ,its the best,I had used it,and trust me i didn't have to look back again,it automatically shapes and dries itself accordingly,due to its composition maybe.If needed i can forward its URL for you to have a look at its information.