Well, honestly, your bird needs:
- All 4 motors and ESC to be replaced (none of the motor internals are stainless steel, thus all the bearings and other parts are corroded)
- The lightbridge module needs to be replaced (it has a ton of connections and they are all compromised, and it has no potting to allow for water submersion so it will have problems)
- The main power board might be OK, but all the small white connectors need to be unplugged, cleaned and plugged back in to make sure there is no corrosion issues in the future)
- The center landing gear lift-screw module needs to be removed, torn down and cleaned and lubed. Honestly, again, it is not stainless so the bearing and motor WILL have issues in the future, so it is best to replace this assembly as a whole as well.
- The remainder of all the white connectors everywhere need to be disconnected, cleaned and reinstalled. This includes all modules, lights, sensors, etc.
- The heavy-duty power wiring needs to be disconnected and reconnected at every connector (you will do the ones at the ends of the wires near the motor/ESC modules when replacing those and need to do the ones at the main power board).
So, a complete tear down of everything is required to make it reliable.
If you do not do all of the above, you run the risk of the aircraft having a critical failure while in flight and the almost certainty of it falling out of the air while in flight and hurting someone and damaging property.
In other words it is NOT air worthy without all the above. It would be irresponsible to put it in the air.
No different than a flood damaged car.
If it was in the water for less than a five minutes it would be no different. The only thing that would have made it worse would be if it went into salt water. Even then a few minutes is the same as your 24 hours in fresh water. Submersion in salt water for 24 hours and NOTHING outside of the plastics and carbon fiber parts is useable.