I think you caught both the underwater and the dreamy vibe quite well! You somehow subverted my expectations at multiple times, leading to me eagerly waiting, what will happen next. One song, full of surprises. You had me hooked throughout the whole song, sometimes rewinding and relistening. In the end, I'm almost sad it's over.
Very interesting work with the rhythm at 1:40ish. The synth choices overall are very pleasent, nothing too harsh or out of place.
To give some critique as well: I find most of the white noise risers a too loud and overpowering.