of course
do you know what load is ?
with your hand make, it flat and push it in the air , . . its eazy rite
now put you hand in the water now and push is , . . . its harder, thats called load !! you have to work harder to move your hand , same as a motor it has to work harder to move the prop in the water then in the air ,
that is why it is no recomeneded to rev up motor with out load becuse it make excess heat and will burn up faster

I edited it to make it less confusing. Obviously everyone and their dog understands that air is much less dense as water. I believe water is about 800 times more dense than air

Ryan