Here's a blueprint-based complex water interaction system available as a Tier 3 reward on my Patreon: https://www.patreon.com/GhislainGir
It allows for any actor(s) of any shape to interact with the water anywhere in the world. It's limitless and performs quite nicely. It also allows for multiple water surfaces at different altitudes, automatic obstacle detection for wave deflection, above/below water effect, diffusing foam layer and manual interaction for bullet impacts and so on...
A deep dive into the system: what is it made for, what is it capable of, what are its limitations, how to use it and how its technically built.
Please note that this isn't a fully functional boat simulation! It just has basic XY planar movement, no collision & no buoyancy.
Demonstration of the mesh-based above/below water effect.