no, the hole is tiny,just enough to let air in and out. If it was a tight seal, when the engine heats up the expanded air in the plug chamber would pop the leads off
In order for the vent holes to be submerged, the water would have to be about an inch deep, the vent holes are too small for water to run in anyway, they're about half a mm across. The only way it could get in is if they were submerged and the engine cooled, sucking it in.