If you use commands to apply levitation to squid or ghasts, you can see the particles, but they don't get lifted like other mobs. You can see this especially well by using a high magnitude of the effect, as other mobs will launch rapidly into the sky.

This is also true of shulkers, but I assume that WAI

Clarifications:
1) This problem exists regardless of whether they are in or out of the water.
2) While it does likely relate to ghasts' flight, blazes, guardians and bats ARE affected normally.