Pipes almost always end up having turbulent flow inside, in which case, pressure drop is proportional to flow rate squared. Whereas for electricity, voltage drop is always proportional to current. This leads to problems when trying to use circuit analogies when trying to solve for pressure drop in a system of pipes.
The water metaphor works fine for many DC circuit comparisons, up to and including basic transistor operation. Meanwhile, at AC, your statement above doesn't hold up much better than the water analogy would. Lots of additional terms come into play... skin effect, radiative losses, displacement current and phasor relationships, even quantum effects.
Every once in a while, a huge Internet argument springs up among people who don't understand that the Ohm and Kirchoff laws represent the steady-state map and not the time-variant territory. Do a search on eevblog for "Lewin," for instance. (Actually that's terrible advice. Don't do that, and forget I said anything.)
That's how modelling works.