Not experience, but reading non-fiction of African hunting for 45 years. Most of the stuff about hippos is from Capstick, as I recall.
Water conducts sound extremely well. A supersonic projectile hitting the water sends out quite an intense wave of sound.
I must admit my only experience with shooting critters in the water were popping red sliders in the farm ponds with a .22 so I can’t really argue with any conviction one way or another. Just knew that you had to get the suckers on a log or just near the surface or they got away.
Hardly “authoritative experience”
Anyhow, if a hippo was charging me I’d want as big a gun as I could get my hands on and start shooting at it and not the space between me and thee, Mr Hippo!(grins)