It has very limited utility in comparison to other superpowers. If you live near the ocean or find yourself on a boat frequently, water breathing is useful (you'd make a good lifeguard). However, if you live in the middle of the city or in, say, Kansas, it wouldn't change your life in any significant way. (I mean, you'd obviously win all of the swimming competitions if you weren't automatically disqualified due to having superpowers, but all that would do is give you a little bit of money from sponsorships.)
In addition, there are many hazards in water beyond that of drowning, such as hypothermia or getting shredded by river strainers, that would likely still apply. Whether it would save your life is an open question.