Sort of - high to low through the package. A wrap may be able to hold water but it will not stop water vapor. The molecules are so small they will go right through the wrap. That's why crisp products with a long shelf life need a very low MVTR wrap. Foil or metallized film is best (I don't mean the foil you buy in the supermarket.) Buy a Twix or Milky Way bar or some potato chip bags - that kind of foil. The better see through wraps are OK too.
At the moisture level of a biscotti you don't have to worry about mold or bacteria. It won't grow. The shelf life is finished when you say it doesn't taste right anymore or when it absorbs too much water and seems stale. And the only way to find this out is to make enough, wrap it and taste it on a regular basis, maybe every two weeks or so. Biscotti should last at least 6 months, probably more. White bread will mold in about 10 days, it's obvious. Hearth breads might be past their best after 24 hours. Canned products are safe to eat for decades. Won't taste great after two years but are still safe to eat. Every product is different.
You're right. Government standards have nothing to do with quality. Quality is a very nebulous word. What quality is to you may not be to me and vice versa. Quality, from a manufacturing point of view, only means that the product was made exactly as it was designed. A product could be terrible yet be very high quality. Many major food manufacturers have been and are currently going through cost reductions due to commodity and transportation (fuel) pressures. Some favorite products you buy may not seem the same to you. That's because they aren't. Senior management rationalizes away the differences (it's as good as it was!!!), the formulas and process guides get changed but the reformulated crappy product is still very high quality (in their minds) because it meets the new parameters. This is corporate America.
But in your new business please make something that tastes good. We won't worry about what quality means.