If my water damage indicator is white, is there a chance that my iPhone is water damaged?

I dropped my iPhone in the pool and it was under for like a second literally right below the surface of the water. I dried off the phone and didn’t use it for about 15-30 minutes. I tested everything and it was fine. when the phone was at 1% it was laggy and i was very worried. I checked the water damage indicator hours after this a few times and every time it was white. Can it still be water damaged?