Right, regardless of the angle, the .50 as well as the other rifle rounds, were hitting the water destabilizing and turning broadside as a result as would happen in soft tissue, and became structurally disconbobulated (fragmented) in the process. This is part of what happens when the projectile travels at such velocities and is destabilized where the heavier tail end tries to switch to the lead end when hitting something 1000 times more dense than air, water.
Regardless of the angle, the relatively thick/stump shaped 9mm rounds were NOT going to fragment, and while destabiliized (tumbling), the tumble not affecting the loss of energy anything like flying apart does on the rifle rounds, hence getting better penetration.
I would feel much safer from a .50 BMG than a 9mm at 5 ft of depth.
And this explains why in war, when people were strafed in water by aircraft, diving DID seem to work! Rifle rounds are made to tumble, not to mention with sharp points their weight is at the back, not the front, of the bullet, by a wide margin!
The test my Mythbusters impressed me. I only wish they hand used JHPs and some old RN FMJ WW1 ammo (like that 6.5 mm Carcano they had on the set!)