Update:
Phone recovered.
Screen cracked from water pressure.
SIM card wet. Wiping it down would still make it wet next time taken out. Too much water in there.
Water under front and rear cameras.
Water oozing from sides which separated and out of cracks.
8+ days (it is an iPhone 8 Plus ) and it would not begin to charge or turn on.
Took it to Apple store. They replaced it for $399. Hadn’t purchased AppleCare Plus unfortunately otherwise it would have been $99 (plus the $149 paid for AppleCare). When I held the replacement and the dead phone, you could feel the weight of the water as the dead phone was heavier.
Due to the amount of time it was down there, the pressure cracking the screen at that depth/duration, the water obviously penetrated and waterlogged the phone.
Plenty of videos of iPhone 7s and 8s underwater at 10-15 ft. However those tests are typically 30 min or so. This was 96 hours. However, without retrieving it, I couldn’t have replaced it for $400 (plus the cost of renting scuba gear).