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That is an option but I would suggest trying to remove the water first and see if you can get it working again without paying $300+ for a replacement.
Since iPhones are not covered under any warranty for water damage, the only thing you can really try is submerging the iPhone in white rice for 24-48 hours.
During that period please do not take the phone out or try to use it. (Make sure it is powered off) Once the time has elapsed, turn the iPhone on and see if it is any better.