Protection will not be 100%, so, although I've no practical experience of a starter, here's my two cents, based on general practice:
If it's fresh water, and clean, once it's dried out there should be no problems. If the water has stirred up mud, vegetable matter, etc, it would be a good idea to wash it out with clean water. Make sure no bits have lodged in it, particularly around the brush gear.
If it's salt water, you do need to wash it out very thoughly, and don't try to use it before you've done that unless you really must.
Drying out in a low heat oven is a good idea.
My own view is that the sintered bronze bearings may have lost some lubricant in the immersion, so it's a good idea to drip some engine oil onto them - if they are low in oil, they will absorb it.