Some metals (Titanium particularly) make great fuels in the presence of an aggressive oxidizer. Hopefully leak before burst for these bottles.
A burst is going to happen. No way to stop it now. The hope is to make it go like a roman candle as opposed to a M80.
Eventually, the tank will fail from the heat. Peroxides will burn under water (well, many of them will), so this is about protecting some of the area, no longer about asset preservation.