I use the POE Pneumo LTW series of dry bags. They have an air valve (purge valve) that you can use as a compression sack (sqeeze all tha air out, then close the valve) or as a float bag (inflate the bag, then close the valve).
The bags a not designed for heavy abuse but, IMHO, they are not fragile either. If you use one inside a backpack with approprate fabric for cayoneering, I don't think you will have a problem.
I have used them successfully on kayaking trips and hiking in Florida's swamps where there are sawgrass, some yucca type spiked plants and occasional Hawthorn.