This glitch was happening to my friend who was playing on the world with me on Nintendo Switch, while I was on Windows 10. Creating a world in old world type and going into the water presents a glitch that happens after playing in the game for a bit that prevents the player from jumping out of water. I have tried to even use a slab to hopefully "walk" out of the water and even that doesn't work. The only way to get out of this is to either die or have enough wood on you to make a boat and place it on land to get in and get out on land, as placing the boat in the water will prevent you from retrieving it due to the fact it is stuck in the water, where you cannot go or you will be unable to get out. This glitch doesn't always happen right away, and sometimes takes some time to start happening.