Um, many if not most powders are extruded or formed while wet.
Actually, they are not wet with water.
Nitrocellulose is wet in the fact it is flushed with water to remove the acid. Then it is flushed with alcohol during manufacture to remove all water from the slurry. It is then pressed into cakes to remove the alcohol.
Then it is disolved with a 35/65 percent alcohol/either solvent and pressed through extruder dies to form spaghetti-like strands.
These are then chopped into grains of the proper length needed for the burn rate of the powder being made.
Following the graining process, the powder is sent through a solvent recovery process using inert carbon dioxide gas.
It is then covered with circulating water for up to six days to remove all remaining traces of the solvent. It is then air dried and coated with graphite.
So no, smokeless powder is not water soluble, and if it gets wet, it will still work after it is dried out.
Primers are another matter.
Priming compound is mixed and handled wet with water.
It is extruded into the primer cups like toothpaste, and then dried.
Wet primers can also be completely dried, and you would have a reasonable expectation of them working just fine again.
rc