For my summer backpacking, of which most of it occurs in the relatively dry Northern Rockies, I prefer my down jackets shells to be as breathable as possible, especially if they are part of my sleep system, because they dry out better at night.
For winter backpacking, if I have a decent weather forecast, I’ll take a Quantum-shelled Rab Neutrino Down Jacket. Conditions have to be consistently cold ie daytime highs less than 20 °F (to prevent falling snow from melting on the shell of the jacket), and I only take it when I do have decent shelter with me (tent or tarp).
For winter climbing, when I’m using a bivy sack, I either take my vintage 1980s PTFE (Goretex) FF shelled down parka, or, for multi-day trips, a Patagonia DAS Parka.
The PTFE shelled down parkas are also useful for winter tent camping when you are spending a lot of time in the tent waiting out a storm, as the shell goes a loooooong way at keeping the down lofty when frost is falling off the inside walls of your tent, and you have spindrift blowing in, and you have to wear it out in a storm to pee/poop/get snow for melting etc.
The limitation to a waterproof shell on a down parka is of course it inhibits its ability to breathe and unless you have the opportunity to turn it inside out and dry it in a warm sunshine, it is a time bomb that accumulates condensation and slowly loses loft day by day. Thus, for me, it’s an important part of my winter kit, but primarily only for short trips with expected foul conditions.
Have a look also at the Endurance shelled Rab Neutrino Jacket (23 oz size M). For the weight, it’s one of the warmest ones out there, and plenty of insulation for just about anywhere in the lower 48 in the winter barring the summit of Mt. Rainier or the White Mts. in a wicked storm.