Some use their sil-nylon packs to stick their lower half in, and have a poncho overhead; coincidentally, often the ultralight-packs suspension/frame is a sleeping pad. Almost nothing extra. Over-sized pack-liners have found these uses as well, in foul conditions. Also good if a few too many are sharing space under a tarp.
You're also sticking part of your body in sil-nylon, so breathe-ability comes up again, maybe a vapor barrier. Considering it's a last-ditch maneuver, it could be worse. If your feet are in there to avoid mud etc., you might be wearing it on your back the next day, and your gear faces exposure. Better than nothing and easily done, but a bit confining (picky survivalists

); if it is of interest, try sticking your feet and bag into a pack for your own take. With a daypack, there isn't much coverage, and if it's a backpacking pack, you'll likely have room for something more sufficient.
If it's not too much of a digression, I'll plug Tyvek, AKA poor man's gore-tex. Might be another option. Cheap and easy to find, maybe even free if you are/know a handyman, but there is the DIY aspect. Fresh, it flaps rather loud in the wind, could probably scare off a critter or wake up camp if ya shook it out, but that goes away the more beatup it gets or washing. Fairly durable, doubles as groundcloth, which is the only experience I have with it outdoors. Fold or roll for packing, can't really stuff into a sack like sil-nylon. Sil-nylon packs better, lighter, and more water-resistant; tyvek is durable, cheap, and more breathable while still being lightweight. Might not look the coolest, being wrapped in what looks like deli-paper or obviously scrounged building material, but at least you'd blend in with snow

or oil-pen in a Y, so it reads 'Homey Wrap'and it will be self-explanatory to local onlookers

. Low-cost is a boon for a kit you might not use, or for making multiples.
Eccentric backpackers have made tyvek bivies weighing from 9-18oz, and it seems somewhat popular, enough that some make just about everything with it such as clothing articles. Things they seem to actually plan on using, and not JIC, so it shouldn't soak your bag. Bivy would be an easy DIY, just tape or glue, no sewing necessary.
Here's a pic of the AMK bivy, the S2S Reactor liner, an 8'x10' silnylon tarp, and a microfleece liner. Nalgene, Bic lighter, Vic Farmer, and broken tape-measure for size-reference. All on top of a sportsman's emergency blanket, which is my current preference. In terms of the elements, the sil tarp is not much larger/heavier (might not show well, but relatively flat in pic), but can provide some coverage for two or more, a place to comfortably weather a storm, or even carefully run a candle/stove, in contrast to a bivy. Over-sized for one person, but at least you won't have your feet sticking out