Pretty much, yeah, but it just never becomes an issue. Folks have been using wall to wall impermeable floor treatments (hello linoleum) in kitchens and bathrooms since the 1870s so the stuff has a pretty well established track record. Vapor barrier under the house passively blocks ground moisture, conditioning systems in the crawlspace actively prevent moisture buildup, and the floor treatment rejects both vapor and spills. In practice you'll end up renoing the floor treatment decades before any problems crop up.

If you really want to rot a floor though the absolute best A+ gold star method for doing so is adding a gas log fireplace with surround. I had a house a couple years ago that had moisture from the flue pooling inside the surround and under the unit. Rotted through 3/4" red oak hardwood flooring, 2 layers of 3/4" plywood, and bit off the top 4" of the 2x8 joists under the unit. Interior space was a solid sheet of black mold. That was one of those bag-the-room negative air pressure break-out-the-space-suits jobs. Six months later I was on a job where condensation off another gas log flue pooled inside a surround and got into the OSB cladding, then wicked 9' straight up. Only time I've ever seen cedar siding actually rot. We ended up having to cut the entire fireplace surround and a portion of the roof off the side of the house and rebuild it studs and all. Never a dull moment I tell ya.