4u2ges (1/5/2024)
You can level the water with some limitation.
Water prop does not have timeline transform track so the key would be hidden and you have to add the flag in project track to note where the level key is.
So if you uncheck Transform Gizmo (and Snap to Grid if checked) in Preferences you may rise/lower water prop level by hitting W and use mouse scroll wheel.

Wow! Very cool.