Depends on how high the water is. People from rock country are always scared of mud and water and tell you to stay away. If you don't need a snorkel, all you need to make sure is that water doesn't get in the transmission, transfer case, or differentials. Pretty easy by tracing the breathers. Other than that, you should be good to sink it within reason. I've had mine in water up to the headlights a number of times. No problems since my breathers are up high enough.
This advice only applies if you are reasonable. Don't leave the Jeep in a pool for 24 hours straight and don't sink it up to the roll bar. Water also accelerates wear to a slightly lesser extent than mud. But off-roading also accelerates wear in general, so have fun. Be aware of what you are doing to the Jeep and you'll be fine.