I start getting nervous around bumper hieght, top of the bumper, I usually think real hard about backing out fast.
If it starts missing or acting funny, it´s really best just to shut it off quick. I´ve done some minor damage to engine internals once and have collapsed the air filter twice. Have seen peoeple try to fight it and keep it going at all costs. Costs being the key word, not worth the possible damage.
Other issues are how clean the water is, sand in the alternator, starter and rear brakes, can cause problems if not cleaned out. Regreasing and checking oils. If mud dries in the front brakes, it can also cause problems.
Checking for water traps is also a good idea, the drains for the rear panel bottom and sometimes the doors get plugged. Leaving the water in there is what starts rot.
Carpet padding that gets wet, stays wet and also causes rot.
Various connectors will leak and need to be checked, not to mention the distributor.
If you get in deep enough to hit the fan, it will throw bunches of water (or mud) all over the inside of the motor compartment and has a tendancy to pile up on top of the motor. Really makes a mess. Mud (even thin mud) will plug up your condensor and radiator.
having said all that, I recently got in so deep, water was coming over the hood (wasn´t paying attention), backed out quick, no problem what so ever. Guess there was an air trap near the intake?