BUT its still like a 100:1 ratio of problems with ignition vs. everything else
my engine is an efi, you could dunk it til your blue in the face and those 12v high current electrics will keep on contacting, but the very high voltage low amperage electrics on the igntion system cannot arc across a wet gap, or you get tracking elsewhere etc.
the difference is the amperage, igntion is very low current, thats why theres many water problems.
ok i agree if you submerged two engines completely (forgetting the ignition for this example), the petrol would stop running first because EVENTUALLY an electrical item would succumb to water problems, but my guess is it would take a suprisingly long time.
cheers