The figure means that the water baptism which we do undertake is a representation of something else which is beyond our power which is through the resurrection of Christ. The water baptism then appears to be more a way to show which team we are on, the symbolism is less important than the faith behind it in accepting the gift of salvation through Christ’s sacrifice. Those people in the Ark were saved by an absence of water which underscores that it is not the symbol that saves us, it is the acceptance that what God says is true in spite of any appearance to the contrary.
Numbers 21 contains another Old Testament illustration of this principle.