Nope. AFAIK, it would only affect how fast things get where, and how far. For example, the speed of sound in water is about 4.3 times the speed of air, so it travels farther. However, water is denser and behaves differently from air, which our eardrums evolved to hear through. When submerged in water they don’t behave as efficiently, filtering out much of the low-end frequency from the sound.
I’m an audio engineer, not an acoustician, so if anyone better info, please respond,