i had a cold air setup, dunked the front end of the jeep at least once a year for the last 5 or so years, been very lucky.
now i have a stock air box going in with k&n filter and a snorkel.

cold air and deep water, not good.

however, i think you need to dunk the cone filter under water completely before it will suck up enough water to hydrolock the motor. mines been wet, but not dunked. i think that's why i've been so lucky. but there's always the next time...