My old Jeep was a heavy steel fan direct drive, and it spent lots of time under the water.
I had a line marked on the dash to show where the top of my carb was so I would know when to stop.
I never liked crossing the river at night, because it got dark when the headlights went under.
I never had any problems with the fan. Not sure what happened, I know it got quiet after it got in a ways, so I suppose the belt may have slipped.
On my truck, with the clutch fan, a quick crossing is usually OK. But it it stays in the water for long, it ruins the clutch.
Since its a fluid clutch, it seems to build up pressure and cause a seal to either leak or blow out.
Usually it runs for a few days, but gradually it works less and less as the oil continues to leak out.
Several people here have converted their fans to electric, the Aerostar ones seem to be the favorite, and almost all of them have a switch to turn them off for deep water crossing.