i think the water does not apply to the event, so its a visual effect Its just a 5 minute time limit to complete the jump
I remember the first time participating, as I touched the water I got kicked out of the event immediately. I still remember vividly that everyone who got kicked out were yelling in lounge that this rising tide event is BS.
Yes, the intended function is that when you touch the water you are supposed to be warped out. It is a race against the rising tide. The timer is just enough so that the tide reaches the top of the map at time 0.
Thank you for taking the time to report this @KittehIshMad. This is a confirmed bug, the wave should warp you once you touch it. Our WZ team is working on a solution!