Water has never been taught by Jesus or His appointed apostles as the element that saves.
If you examine the scriptures closely on the subject of Baptism i.e. immersion, you will learn there is an distinction between water and baptism.
Peter never said water saved, Peter taught baptism doth now also save us, 1Peter 3:20-21.
Peter in Acts 2:38 said baptism not water was For the forgiveness of sins.
In Paul's conversion to Christ...Ananias the gospel preacher said to Paul, and why tarriest thou? Arise and be baptized and wash away thy sins, calling on the name of the Lord. Notice Ananias said baptism in order to wash away thy sins and not water?
Jesus referred to baptism as the element one is baptized into in John 3:5,
-Unless ye be born of water and the Spirit, ye shall not enter the kingdom of God.
Jesus did not mean the water(element) took away ones sins, but the act of obedience to Gods command to be water Baptized as Jesus made clear in His gospel in Mark 16:15-16,
-go into all the world and preach the gospel to every creature, he that believeth and is Baptized will be saved; he that believeth not will be condemned.
There is a passage where the literal water saved some folks. But again it is a type not the anti-type.
1Peter 3:20
-who were formally disobedient when once the longsuffering waited in the days of Noah, while the ark was being prepared, in which a few, that is eight souls, were saved by water
This was physically being saved by water, but the act of obedience that Noah did by building the ark, getting into the ark, was then saved by water physically and by God through his obedience spiritually.
Peter goes on to say that all sinners today are not saved by the element water but by the baptism(antitype) in Jesus' name [by Jesus' authority].
The New testament gospel of Jesus Christ most emphatically declares baptism i.e. immersion in water as essential requirement/condition to receive Gods free gift of grace.
Therefore those who believe in water immersion do not put their faith in the water itself but in what God said in how He chose to save us. True believers have faith in who Christ is and all that He taught.
I have no faith in water, my faith is when God said, Mark 16:16. My faith and my obedience to his commandments is how I know I will be blessed by God by His atoning blood.
Look at the way the gospel shows us how we contact the blood of Christ:
Matthew 26:28
-for this is My blood of the new covenant, which is shed for many for the remission of sins.
-repent and let every one of you be immersed in the name of Jesus Christ for the remission of sins. Acts 2:38.
It is the blood of Christ that we come in contact with in baptism that washes away our sins NOT the element(water).