Both are correct. It depends on when the drowning might have taken place. The original sentence can be understood to mean "... you would [now be] drowning ..." or "... you would drown [once you started jogging] ...". Your version is what would have happened in the past, and could possibly be worded "If your jogging clothes had not been made ..."
While both sentences are fine, the original sounds a lot better to me. (As a general statement). But if you want to express what you have in the second sentence, it would be better to say
If your jogging clothes had not been made of permeable fabric, you would have drowned in your sweat.