There are two basic formulations of polyurethane foam-in-place stuff. The "open-cell" variety (Great Stuff and the like bought at home improvement stores) will pass water vapor, if not liquid water. The closed-cell foams are not available in a can AFAIK, but are packaged in bulk for large jobs (architectural). Closed-cell is vapor-impermeable.

Great Stuff is available in two varieties, low expansion for window and door (so it doesn't spring your fixed sash and make operating sashes inoperable!) and the "crack-and-crevice" type which is the stuff that causes nightmares when it's used for windows and doors.

I wouldn't use any of these for a bike, but I'm old-fashioned.