There's a good chance that your water-damaged iPhone can be repaired. Once the phone is wet, it is essential not to charge it or try to dry it by placing it in rice, as this can further damage the device. It's much better to simply turn it off and book a repair appointment with iSMash online. Water damage cannot be repaired and the device must be replaced.
Water damage cannot be repaired, a replacement phone is needed. If you don't have AppleCare+, you may have to pay the full replacement cost in case of serious damage, but this is a recent change in wording. Water resistance is not the same as water resistance. In any case, the fall may be the culprit here and not the water.
In any case, I suggest that you make an appointment with the Genius Bar at your local Apple Store or at an Apple-authorized service provider to have it reviewed and given you your options. If you chose to sign up for an AppleCare+ plan when you purchased this phone, this could be one of two accidental incidents, and any repair or replacement should have a reduced cost. I know the difference between water resistant and water resistant. Anything that's remotely water resistant should have survived this fall, but fine.
Sorry, I didn't want to admonish you, but you'd be surprised how many posts we have here where people don't. Or you feel that Apple is deceiving about the differences. Here we don't even talk about repairs done by yourself or by third parties. Apple simply won't try to repair an iPhone in which liquid detectors, such as those in the SIM tray, are turned on in red.
Big mistake, the newly purchased iPhone 11 pro had problems and after 2 months of dealing with Apple, they shipped a new iPhone 11 pro. If your iPhone or iPad was completely submerged in water for an extended period of time, there is no guaranteed solution for water damage. There are some things you can try, but don't get your hopes up. If your device just got splashed, chances are that no water got in, but play it safe and follow these steps anyway.
Unfortunately, there's not much you can do to repair damage caused by liquids inside the screen itself. If the damage to the screen is significant, use the appropriate repair guide for your phone to replace the screen. Ever since the first IP-rated iPhone (the iPhone) was released, you've probably seen a lot of people taking pictures underwater, swimming with the iPhone, and just playing fast and loose in the water. So, in the case of Apple's newest phones, the iPhone 14 and iPhone 14 Pro, you'll notice that they have an IP68 rating.