Is it recommended to put in a bag of rice to thoroughly dry out the iPhone?

No, don't do that, rice can get in the charging port and cause more issues and rice dust can really gum up.

Try putting it in front of a fan for a day or two.

Some have also suggested calling phone resellers and see if they have a water extraction tool.

The rice thing is a myth.

It does nothing but waste food.

Leave your device out in a room temperature area with good airflow.

Your going to want to leave it for 3 or more days before trying to turn it on.

You're welcome.

I’ve also gotten my phone wet before, just dry what you can and the rest will dry on its own within a few days and jast use a wireless charger until then.