It's hit or miss, in my experience. Different brands/cuts fit bodies differently. I've never had any that were truly "no show" at all, though. Maybe someone else has had a different experience.
I just know that I always and ONLY buy 100% cotton. I live where it is hot and humid and yeast infections can be problematic for people. I can't remember the last time I had one... maybe 20 years ago? I don't know the exact relationship between the material panties are made from and getting or not getting infections, but it's worked for me. Perhaps some of the newer wicking fabrics work well also, but I've not tried them. And I suspect they are difficult to find--I'm not talking about the run-of-the-mill nylon/polyester sexy panties... I'm talking about undergarments made specifically for sports. with the same wicking features as the outer garments.