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This is a myth. Breaking the surface tension will have some minor effect, but your body still has to impact a viscous incompressible fluid.
It may be a myth but ask all the water skiers what they do in high impact situations.
Maybe it is a placebo based on myth, maybe just a method of slowing down or reducing pain. I know most of my friends try and turn and take the impact in the middle of the back with the padding of the vest which breaks the water and slows you down then your head follows.
As windsurfers this could be dangerous if the gear follows and hits you in the head.
Speed skiers 150k+ - tuck everything in and bounce they have lots of practice, they try to turn and slide on their back with legs dragging as they slow down.
Water skiers - good animation here

notice the hand go down - not that it did much good.
I don't believe we are talking about being dropped from a height onto flat water - as did myth busters - we are are travelling at 30+ knots ACROSS the water with ripples etc and either dropped, slammed or dragged into it, 2 vectors at play.
Just my 2c after 20+ years of water skiing and many,many crashes at 36knots+.
I will always try and get a hand in if possible.
Tony