Note this teleporting issue is different than the sinking issue. When trying to enter a boat underwater in a narrow channel, it teleported me into solid ground, and my character began dying because it couldn't get out of the blocks.
This is a different issue than boats not floating when placed underwater. Even on a very gentle slope, boats cannot go upstream, which is a significant playability issue.
Note this teleporting issue is different than the sinking issue. When trying to enter a boat underwater in a narrow channel, it teleported me into solid ground, and my character began dying because it couldn't get out of the blocks.