Two most likely cause of engine failure are:
Large enough quantity to cause hydrolock bends rod(s) and/or break piston(s).
Water soak air filter so it fails and allows dirt to enter engine. This is known as "dusting".
Was the oil milky?
Please let us know which of these or other damage was incurred. Have never heard of enough water ingestion that it would cause cylinder wall glazing and excessive blow-by.
But, depending on engine (parent bore or linered) glazed cylinders (if this the only damage) should not require a "complete" overhaul.
