We present a computation of NNLO QCD corrections to the production of a Higgs boson in association with a $W$ boson at the LHC followed by the decay of the Higgs boson to a $b\bar{b}$ pair. At variance with previous NNLO QCD studies of the same process, we treat $b$ quarks as massive. An important advantage of working with massive $b$ quarks is that it makes the use of flavor jet algorithms unnecessary and allows us to employ conventional jet algorithms to define $b$ jets. We compare NNLO QCD descriptions of the associated $WH(b\bar{b})$ production with massive and massless $b$ quarks and also contrast them with the results provided by parton showers. We find ${\cal O}(5\%)$ differences in fiducial cross sections computed with massless and massive $b$ quarks. We also observe that much larger differences between massless and massive results, as well as between fixed-order and parton-shower results, can arise in selected kinematic distributions.