eventually you'd get damp, only a lot slower than if you didnt use waterproofer..
point is, if theres any chance of leaky pipes, ground level too high all that then sort it first.. repoint any dodgy brickwork externally etc...
then, if its just a 9" solid wall with a dpc, render it above the dpc line with waterproofer and any water that gets in just by rain hitting it will dry out agian from the outside before it gets through the render...
it'll only come through the render if the bricks its on are absolutely saturated... the only way youll stop that happening is to tank the wall, then render it preferably....
but the easiest way is just to solve the problem, if there is one, and crack on...
put it like this.. if waterproofer made your wall 100% waterproofer you wouldnt need a salt repellant in the mix bacause the render would hold any water back, so the salts cant come out..
they use a 3:1 mix with waterproofer and salt repellant on damp jobs to keep the water thats already soaked into the wall from coming through the new plasterwork, but youre still not supposed to paint it for a year.. or at least use a breathable paint...
this builders insisting you use a foil back, theyre for vapour control, stopping water in the air
inside permeating the board and coming into contact with the cold brickwork and condensing...
So, if its condensation you need ventilation, and possibly (much better) insulation..
if its penetrating damp, sort the problem and render it...
if its rising damp, see flynny.. :