It’s unclear, only one other spell was cast submerged in water.
The only spell (other than the one mentioned in the question) that was ever cast while the one casting it was submerged in water was when Dumbledore encased the Dark Lord in a bubble of water and then he escaped.
“At the same moment, Dumbledore brandished his wand in one long, fluid movement – the snake, which had been an instant from sinking its fangs into him, flew high into the air and vanished in a wisp of dark smoke; and the water in the pool rose up and covered Voldemort like a cocoon of molten glass.
For a few seconds Voldemort was visible only as a dark, rippling, faceless figure, shimmering and indistinct upon the plinth, clearly struggling to throw off the suffocating mass –
Then he was gone and the water fell with a crash back into its pool, slopping wildly over the sides, drenching the polished floor.”
- Harry Potter and the Order of the Phoenix, Chapter 36 (The Only One he Ever Feared)
We don’t know what spell the Dark Lord was using, so we don’t know if the effect would have been the same in the bubble of water or not - but it did break him free of it.
However (unless magic counters physics) some logically might change.
While it’s unclear what most spells might do if cast underwater, there are certain spells whose effects seem likely to change if cast underwater. Certain effects may not work underwater, and in addition, water may provide somewhat of a physical barrier against spells.
For example, Incendio shoots fire, which would likely not work as well underwater. Flagrate, Fiendfyre, and similar spells also might not work since they’re fire-based and the water could extinguish the fire. Similarly, spells that shoot off sparks might not work. Other spells that might not work are the ones that conjure land-based creatures like Avis and Serpensortia, since the creatures would likely drown and not be of much use.