That’s about the iPhone 12, which they say is better than previous models (https://www.apple.com/iphone-12/specs/ says (in a footnote) “iPhone 12 and iPhone 12 mini are splash, water, and dust resistant and were tested under controlled laboratory conditions with a rating of IP68 under IEC standard 60529 (maximum depth of 6 meters up to 30 minutes). Splash, water, and dust resistance are not permanent conditions and resistance might decrease as a result of normal wear. Do not attempt to charge a wet iPhone; refer to the user guide for cleaning and drying instructions. Liquid damage not covered under warranty.”

The Italian fine is about iPhone ≤ 11, about which they (¿now?) have a similar footnote at https://www.apple.com/iphone-11/specs/

It looks like they skirt pretty closely around "submerging" the device. At no point in the commercial is it actually submerged in a body of water.

Relax, it’s iPhone*

*until you do the thing we showed in our commercial and break your phone. When you come to the Genius Bar, we’ll point out that the commercial did in fact warn you to not do the thing we clearly showed in the commercial. Sucker!