At least some of these products are using technology that comes from ski racing (e.g. Ion surfshield, which uses material from Diston). Racing ski edges are sharper than a foil, and it does work to reduce injuries from lacerations in that context. These undergarments are mandated in FIS sanctioned ski racing events for a reason. I wouldn't have too many worries about this stuff being in 'myth territory', but it also won't make you invincible either.
PBfoiler said..
I'm trying to figure out how cut resistant fabric helps. Sure - I understand the "slice" protection, but my experience is from impact cuts.
I would be very surprised to see any contact with a foil that consists of 100% impact and 0% slice. If you're falling into the foil, or get hit by the foil after getting dumped in surf, there's almost definitely going to be a slicing element in that.