"All" is a bit over the top. I have Carradice bags and a Poncho and they work fine. I have ridden in very heavy rain without issues.
(I also have a couple of pairs of brandless rubber galoshes that would be unaffected. They're waterproof but I actually wear/wore (when I was cycle-commuting) them year-round - more to protect leather soles from the pedals than uppers from the rain.)