When I'm playing split screen the first player can see through the water as you normally would, but everyone else can't see through it at all. The first player is always ok regardless what account we use.
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Thank you for your report!
However, this issue is a Duplicate of MCPE-39539.
If you have additional information, please add it to that report.
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I am also having this issue on Xbox 1. Extremely annoying.