iPhone water damage

Putting it in rice is pointless as if water got inside the phone, rice is a pointless desiccant. The fact it is still working is good, water could be slowing working its way through the circuits and chips in the phone and you should be prepared, it could fail.

There is not help or warranty for a water damaged phone. The best advice is to make sure you have a very current backup of everything on your phone so if you need to replace the phone, you can restore a new phone from backup.

There is a possibility that it could fail - given its depth and time that it was submerged, the odds would be that it won't work, but while it is working, make sure to back it up as suggested above.

If the iPhone stops working, you can schedule repair at the Genius Bar or upgrade your phone. See here for more info on water damage and warranty service: Water and other liquid damage to iPhone or iPod isn't covered by warranty - Apple Support

This is probably not an Apple acceptable solution but what I’ve done with several devices (AirPods, Fitbits, key fobs) that have either gotten wet or been exposed to too much moisture/humidity is to use a blowdryer on a cool setting to dry out the ports. You def don’t want to do it too close, only get enough airflow to dry it out. Best of luck…hope your phone continues to show no probs!

I couldn't possibly assign odds of failing or nor failing. Me personally, I'd be prepared for failure. The phone will also show its water sensor having been tripped. Apple won't offer any service to a phone which shows that.

Just be prepared is really all anyone here can offer you.

Something smaller than this happened to me. My iphone 12 got wet. It fell on the edge of the sewer. Few seconds. How do I know if it is damaged? Should I do something?

Throw it away