Even if the bullet didn't breach the fabric, the fabric is gonna breach YOU. I guess it might make recovering the projectile from your internal organs a little easier, LOL. So there is that.
I can't help but wonder if something coated with something perfectly bulletproof might actually make things worse depending on the bullet's angle - for example, under ideal circumstances, a bullet could enter and leave and take out some fat - but if everything's covered, the whole surrounding area is going to get some serious bruising instead.
Possibly. </Armchair commentary>
That's not even clear.
One of the common problems for bullet manufacturers with the "FBI protocol" suite of tests used to be the "heavy clothing" test. Shooting through several layers of denim would clog the cavity of the hollow point bullets and cause them to over penetrate.
Simply put, it's extremely difficult to predict how bullets will react to barriers of any kind in lieu of testing.