In 1.2.20.1 the railways can be placed under water, and minecarts can travel on underwater railways as well.
But since others have reported that the player cannot move a static minecart when inside it, I wonder if the "rail under water" is a new feature, or a bug that is related to the "cannot move minecart" bug?
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is duplicated by 3
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One problem is that if the rail is placed on land, if water flows through it, the rail would still be destroyed.
Also, placing rails in flowing water would also cause the rail to drop off.
Rails can now be waterlogged in Java: https://www.minecraft.net/en-us/article/minecraft-snapshot-20w45a
Thank you for your report!
However, this issue is Working as Intended.
The report you have submitted is working as intended: As mentioned in the comments above, Mojang has recently added this feature to Java Edition.
Please note, that mechanics of the game may change between updates.
Things such as graphics, sounds, world creation, biomes, redstone, villagers, and animals may not work the same in current versions.
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It should be intentional.