Oh that wasn't me who dropped it.
But the claim that IP68 doesn't apply to a phone being dropped in a lake is ridiculous. That was a fresh water lake, as clean as it can get (not chlorinated like a pool, not salted like the sea). Pretty sure that phone wouldn't have survived being slowly inserted 1m into distilled water for 30 minutes either. It's a scam, and that's why their warranty do not cover water damage.
When you design a phone to meet IP68 (and actually care about it more than just getting a piece of paper), you test harsher conditions, including dropping it in a lake, a pool and the ocean. If it fails even 10% of the time, you go back to the drawing board, or you do not claim IP68 compliance.
I understand an IP68 device can't necessary withstand the high pressure of a waterfall or a fireman hose, or that's it's not meant to go deep scuba diving or stay for days at the bottom of a pool. But it should be good enough to take it for a swim (including taking pictures underwater). And while salt and chlorine could damage it in the long term, there is no way that these chemicals are strong enough to break a phone seal in just 2 minutes. It should be just as good as new after a rinse in fresh water.