In fact the sopping logs are still actually at lower moisture content
than green wood

Yes, I've noticed this. Some of my woodpile is under a dripping
gutter, and as you say, it just makes them harder to start - but the
core moisture content is ok.

There seems to be a similar effect from steam-bending wood, it seems
to be dryer afterwards.

I have heard (but know nothing about) a technique for seasoning some
timber (yew I think) by immersion in a river bed.