Rain coat for summer Iceland

I’m visiting Iceland end of June for 10 days. This is my second time in Iceland but first outside the winter season. Planning a lot of hiking including the highlands and many waterfalls. I have a Columbia watertight II jacket. It’s supposed to be waterproof and a wind breaker but I haven’t tested in heavy rain. Will that be good option for this time of the year?

I am open to getting something else if anyone has a recommendation from experience.

Also I do have rain pants but the don’t breath at all so looking for a more suitable option for the summer.

Thank you all 🙏🏽