I think that one 'experience' of the subsequent effort and time (and non-availability of the bike to ride) required to dry out the places water shouldn't be allowed to stay in (steel frame, listed below), after you've ridden through water flooding a road which is deeper than your bottom bracket, deters you (well, me) from ever doing so again, however far round it is. I guess I might wade through carrying the bike (we're talking Devon country lanes (with hedges) here where I can see where the flooding ends) if it's a long way round. More likely I'll just think of the hard-learned maintenance implications and enjoy the extra miles and the ad hoc navigation, and accept I'll be late at the pub, or late home.
Bottom bracket shell
Down tube and seat tube (and seat stays/chainstays?)
Fork
Headset, lower bearing
Hubs, front and rear
Rims, front and rear
Lights