In my opinion, it's a waste of time... 1st it may cause some components to overheat... 2nd it won't work for the Motors, Retract Modules, Realsense & Camera... not to mention any other place it can't penetrate & coat. It may work if the Parts that aren't coated don't cause the ESC Board Components to Short out.
If the Drone Crashes into Salt Water, it's probably finished... If it's Fresh Water and you retrieve it quickly and get it dried thoroughly, there's a 50% Chance it didn't cause any Damage, or have issues in the Future... Possibly during Flight.
Your Best Bet is just don't Fly over water...