The difference between waterproof and water-resistant lies in the level of protection against water:
Waterproof means that the product does not let any moisture through, even during prolonged contact with water. It stays completely dry under all conditions, such as in heavy rain or puddles.
Water-resistant means that the product resists water to some extent but does not protect against heavy or continuous exposure. It can withstand light rain or splashes but may allow water to pass through in more intense conditions.