Propagation velocity, in metres per second, along a thin wire is proportional to 1/Sqrt(L*C) where L is the inductance and C is the capacitance per metre.
Encasing the wire with a VERY LARGE, theoretically infinite, volume of a dielectric material, including off the ends, will increase the capacitance per metre by K, where K is the dielectric constant of the material.
The material will have NO effect on inductance.
Therefore, the velocity for a very large volume will be reduced by the factor Sqrt(K).
But take the practical case of a wire encased with polyethylene only up to a diameter of 25mm, 1" inch. Polyethylene has K = 2.6.
Because of the very small diameter of the dielectric relative to infinity, the velocity along the wire will decrease by only a few percent. To maintain the same resonant frequency, as on an antenna, the wire must be pruned to a shorter length by the same percentage.
Calculations to find the exact percent reduction are complicated. The wire diameter must also be taken into account.
Incidentally, for pure water, K=80. But who will want to encase a radio antenna in many gallons of water just to reduce its length by a few more percent. It is obvious that even a heavy tropical downpour will not have the slightest effect. ;o)