The longer the phone sat in water and allowed to corrode, the lower your chances of recovery. That said, it doesn’t hurt to try. The proper way to treat a wet phone is to do the following:
- Open your phone and remove the logic board (follow this guide)
- Inspect the logic board, especially around the connectors and look for corrosion.
- Inspect both sides of the board. Unfortunately, most of the board is covered in shields. That's usually where the damage is occurring.
- Put your board in a container with >90% isopropyl alcohol and let it sit for a while.
- Use a soft brush, like a toothbrush and lightly brush away any corrosion you see.
- Rinse in alcohol and repeat.
- Let it air dry for a day.
- Re-assemble and hope for the best.
You should also replace the battery if it has swollen. Resist the temptation to pop it to let the gas out. A compromised Li-ion battery is a fire hazard. If the device appears to power up but behaves erratically, then use a tool like 3uTools to flash the firmware as it may be corrupted.
A professional repair shop that does water damage repair may be able to recover your data because they have access to pro-level ultrasonic baths and specialized cleaners as well as the skills to troubleshoot your board. Many shops have a no data/no fee policy so you don't have to spend money to find out if the data is recoverable or not.