Despite having reset/deleted the game data stated in the sticky above me, the game still freezes when going underwater. Are there any fixes in the works for this? Pretty much makes the replayability of this game or beating it impossible.

Nope. Beth's great work on that ammounts to copy n paste someone elses briliant idea and claiming it for their own.

If the stickied work-around doesn't work, do it again and load a new character. See if that works.