My wife and I were discussing this and then got to wondering which works best - wearing a rash-top style shirt under or over a sleeveless wetsuit. We typically wear the tops under the wetsuit, for comfort, but aren’t sure whether the sleeveless style wetsuits insulate best when in direct contact with the skin.
We usually also wear paddling dry-tops with latex wrist gaskets and neoprene neck gaskets over everything else (when we are in wetsuit conditions).
Wet suits work by only allowing a small amount of water under it, and then trapping that water and letting your body warm that water.
If the rash guard under changes the fit such that more water would be able to get in and out, then having it under would not be good. So long as it doesn’t do that, the more comfort of having it under is fine.
Wearing it over a wet suit could make the wet suit more efficient, as it would additionally limit any water getting in or out (more so if the wet suit is not properly fitted).