I’ll go first. In my opinion Ori and the Will of the Wisps does the water level just right. Luma Pools which is the water area/level does it just right where it’s not too frustrating, not too challenging but also super duper fun. And not to mention the area music is top tier too.
Mot sure if this counts but Returnal’s final level called Abyssal Scar. One if the few times in a video game where I truly felt way deep under water. Along with all the darkness and terror that entails.