I agree that more noise would be a problem for Foveon or any other sensor, I just think its premature to say that Foveon's design is inherently noisy. I also wouldn't say that sensitivity it less important in UW still. Perhaps for macro. Good sensitivity implies low noise.
The Foveon sensor is inherently more noisy compared to a conventional silicon sensor. That's really in the physics of how these things work. It is perhap a little speculative to say they will never figure out a way to compensate for it. I don't think they can, but that possibility can't be ruled out.
Sensitivity is less important in UW still photography than other applications. How many still photos have you taken at above ASA 100. I've never done it. I'm not aware of any good UW photos taken with highspeed film or taken with a digital camera at a high ASA setting. The prefered method is to bring a big enough strobe to provide the needed light.