To make this thread more complicated, I suggest there might be more involved with water pumping than just physics (i.e. fluid dynamics and heat). As we all know, the penis is a complex part of anatomy - various types of tissues, vessels, fluids and nerves (sympathetic and parasympathetic).Consider: how and why do fingers and toes wrinkle when under water? I am not saying the penis is the same as fingers and toes, but rather using this example to illustrate a concept.
For well over a 100 years (and even today), researchers have theorized how fingers and toes wrinkle under water:
temperature?
keratin absorbing water?
osmotic pressure?
vasoconstriction?
electrolyte balance?
neurological influence?I will avoid all the theory details and skip to a few observations to make my point: At one time researchers were convinced keratin was the answer and they were later proven to be wrong. People with nerve damage in some fingers but not others noted that the nerve damaged fingers did not wrinkle. If electrolytes are involved then why do fingers wrinkle and other submerged skin does not? Lots of questions remain unanswered about this anatomical phenomena.
So, my point? The penis underwater might have a lot more going on than just environmental pressure and temperature (physics). I suspect biochemical and neurological influences contribute to the anecdotal evidence that water pumping produces less edema.
Possibly. Well actually likely to some extent or another. But I would say primarily it is a mechanical process relying on physics. At least the acute effects anyway.