...but in what way?
With the old water, if you REALLY wanted to make a flat, bland, one layer piece of slated static ugly stuff, you could. In v21, this is all you're allowed to have.
In the sense that we can customise its height, colour, texture, movement of players, direction of flow and speed on the go.
You needed to specifically set that stuff for v20 in the map, and you needed a different map altogether if you wanted to change it. If you could change any of this via console (I don't know if that was a thing) then it wasn't made accessible enough.
If we could have the bobbing water alongside the environment menu then that would be best.
But I personally would prefer the option to set a high/low tide in game linked to the day/night cycle over the bobbing, yet uninteractive, waves.