Just depends on the damage. Slightly pitted gears will work with some noise. Shifters can be freed up.
But any rust on a bearing is fatal.
However, lots of companies sell rebuild kits which have the bearings and seals, so it may be salvageable.
BTW, the water in the transmission I spoke of does not pertain to automatics. I found out the hard way.
I was used to water in everything from crossing streams bogs during hunting season.
So, when I got my '79 F150, I never gave a thought to deep water.
After a wet year, I drained all the fluids, including the C6 automatic transmission.
Saw some water in there also. Did not really think about it.
Pretty soon, it started slipping.
I knew a guy who owned a transmission shop, and asked him about it. He said that the water would soak into the brake band liners. Then, when they got hot, it would flash to steam and cause the lining to peel off.
Took a rebuild to get me going again.