shellaced piece
During a demo on using shellac, I've scattered large droplets of water on a dewaxed shellac finish and left them there for 30-60 minutes while doin g the demo. When I eventually wipe it off, there's no sign it was ever there . I haven't tried the experiment with shellac containing wax.
But I'd be hesitant to submerge a shellac finish, as in the canoe menti oned in an earlier post :-).