Submerged in water is fine for many things, you can usually rinse them and dry them. It's the oxidation that causes issue, plus with salt water as the water dries off the concentration of salt increases on the components.

From an old Popular mechanics story on wet cell phones

One final, perhaps surprising, note: If your phone gets soaked in salt water, you should probably flush the whole thing in fresh water before it dries. When salt water evaporates, it leaves crystals that can damage a phone's fragile components. Just be sure to remove the battery before flooding the device.