It doesn’t. But just because you think a piece of wet electronics is now dry doesn’t mean water isn’t still in there somewhere. I found that I can perfectly dry old Nintendo or Atari cartridges since it’s just a chip on a board. Modern stuff can be more difficult, especially any electronics with moving parts, like motors. And you still have the problem that you may think there’s no current because it doesn’t have a power source, but the capacitors still had a charge, and you shorted them with the water.
Waterproofing generally involves just keeping the water away from the electronics through the use of sealed enclosures.
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