Cotton holds moisture, mold and can and will rot, where as wool can handle moisture much better and may, depending on the type and maker, still have miniscule amounts of Lanolin, which is the fatty grease sheep produce in their natural wools, to further aid in its utility in this application.
On the whole, I do not even consider Hemp or Linum superior to reliable wool light seals and, unlike any lanolin that might have a lingering presence, Never Even use their oils, Hemp and linseed, for anything photographic.
A small skein will be plenty for many cameras and it'll become more like actual wool felt when compressed in the camera's 'grooves'.
IMO.