Is the iPhone 12 Pro max waterproof or water resistant?

iPhone 12 Pro Max is "rated IP68 (maximum depth of 6 meters up to 30 minutes) under IEC standard 60529"

While Apple’s marketing states it is water resistant, do note that any water damage is not covered by the warranty.

Those figures are for laboratory testing under controlled conditions. It should never be submerged under any circumstances.

Nothing rated to less than 50 meters water resistance should ever be submerged.