My 8-year-old son asked this question and i couldn’t give him a definite answer. So he’s wondering if it would do the same thing as a balloon pushed underwater in the bathtub (which kind of makes sense to me, due to the density differences, not just gravity alone).
But I told him I’d ask those more knowledgeable than me.
if you’re not at relatively normal temperature and pressure, then you won’t have liquid water anyway. and i don’t think the kid was asking about water vapor or one of the various forms of ice.