(Note: Context is 1929 house in the Bay Area. I think this may be different than stucco in other places?)
If I understand correctly, stucco is water permeable and a water barrier is installed between wood framing and stucco (in other words, underneath the stucco).
This makes it extremely hard to manage the water barrier (confirm its condition, repairs etc). Why not apply waterproofing on top of the stucco and prevent stucco from getting wet in the first place?
Now consider this: Some holes (e.g. from previous conduits etc) exist through the exterior wall. This certainly affects the water barrier as well and the water barrier itself is broken and cannot be sealed (because it's underneath the stucco). We can only seal the hole from the outside. For example, push in mortar (not waterproof!) and seal with (Acrylic Based) Caulking. But then the water barrier is still broken! If stucco gets wet from rain it would seep into the hole in the barrier, even though the hole is closed and sealed. This doesn't make sense.
Finally, consider stucco cracks. The common advice is to seal all cracks to avoid moisture intrusion. But if the water barrier is underneath, why would we even care?
Can someone explain the full story how a stucco wall is water/moisture protected and why they are build how they are built?