It depends. Fully soaked ground will actually preserve wooden piles (wood decay is aerobic and requires oxygen). This is why Venice and New Orleans are both built on them (sinking issues aside because they have other issues). The piles in both cases are quite stable because the ground is completely soaked. Where you run into issues is where water and air meet. I would imagine wooden piles in just water would have issues with shipworm (in appropriate venues). But the ones in fully soaked soil seem to last just fine.

I suspect, but don't have data on, that wooden piles may actually last longer in those exact circumstances due to galvanic issues with concrete and rebar or metal pilings.