Definitely for dry land drills. I have done them for more than 10 years, and always found them to be a benefit.

Obviously there are differences in speed in and out of the water, and you lose the 3D dimension. However, I have always found that it is easier for all of the players to understand the spatial relationship they have to each other in these situations when they can see approximately where the other players are. Some have difficulty visualising this on the whiteboard, and it wastes precious (and expensive) pool time doing the basics in the water.

To reduce the speed, we would do it on hands and knees, or walk with one foot touching the back foot at each step. Usually with a hacky sack or rugby ball as the 'puck'.

Every now and then we would play soccer or something like it with the team, and it is obvious that the players with good insight in the water (able to read the game) can do this with other sports as well. It can be handy playing another sport to coach players who have difficulty with anticipating where to go to block attacks and intercept passes, or how to position themselves for a pass. And with soccer you can coach while the game is going on of course.
I had one coach who had the whole team playing chess in order to try to get everyone thinking more than one step ahead. Some of the most relaxing training I have ever done.

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Faster than a speeding puck...