A lot of great answers already in the comments that explain the science of water resistance, but none that actually answer the question.
IP (ingress protection) ratings are standardized and have standardized tests to verify the device meets or exceeds the desired rating. For example, IP68 is a common rating for smart phones. The second digit represents water resistance. To have a level 8 water resistance in your IP rating, your device must remain functional after 30 minutes of immersion. Can the device last longer? Maybe! But the testing only requires 30 minutes.
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