Water content is an important factor of the various plastics which are used to make soft contact lenses.
In the cases of conventional soft contact lenses, higher water content of the lens can let more oxygen pass through the lens to the surface of the eye.
So this is important for lens comfort and healthy eyes , however, high water content lenses may be more fragile, so they are more likely to tear with frequent handling.
A lot of lenses now contain between 50% and 60% water and some contain over 70%.
But we cannot say that a high water content contact is much better that a low one, because in the cases of dry eyes, a low-water-content lens is better, since the low-water content lens holds its shape better in dry environments and fits better, and it is also less dependent on absorbing your tears to maintain its shape.