Your verse is using water symbolically to teach about the real baptism that saves, which is spiritual<.
This is the same as the verse that says....>"Noah was saved by water".
See that verse?
Well, Noah was not saved by water. As the water was the flood that was killing everything that was not in the ark.
So, if Noah had gotten into that water, he would have died.
Do you understand?
What saved Noah and his family FROM the water?
A.) The Ark.
And what is the Ark a symbol of? Its a symbol of THE CROSS that saves us from the JUDGEMENT OF GOD against our sin, = that is the flood that is killing everything that isn't in Noah's ark.
Yet the verse says...>"saved by water".
But this isn't LITERAL...........its symbolic.
So, your verse, "baptism doth now save us".....is not talking about water.
Its talking about spiritual regeneration, that is to be born again by the Holy Spirit.......not the water.