I was placing piers on a dock and I noticed a bit of a hitch to make them look right. First of all nothing shows through the surface if you are placing it. A pier being placed and lowered will disappear at the surface of the water. That is you cannot see anything below the water of the part being placed so you cannot tell if it will hit bottom.
Second when you are trying to attach an extension under water, you can fly under water to get to it but everything is distorted or blurry. Once you hit manual place button to freeze the block and manipulate it you can only see where it is while under water.
It is not that you cant place it but you cant tell exactly where it is going to land and if you have to extend it you have to do that underwater with the distorted view.