No, you can't control a GoPro by wifi underwater. That's true even if it's only the camera underwater and you (and the wifi remote or device) are above water.
$50 Off GoPro HERO7 Black at GoPro.com
GoPro is currently running a deal where you can get $50 off the GoPro HERO7 Black, bringing it down to $349. They're also throwing in an SD card and free 2-day shipping and returns.
You can find the deal at GoPro.com.
Wifi waves don't work at all well underwater. It might be possible one day to set up wifi networks underwater, but for now it's not an option.
The problem is that the signal drops off very quickly in even a small amount of water. By the time you get a few inches, let alone a few feet, underwater, the signal is so weak as to be unusable.
So for all practical purposes, you can't control your GoPro underwater with a wifi signal. That means you can't use the Capture smartphone app, nor can you use the GoPro Smart Remote, the GoPro Remo Voice-Activate Remote (even though the Remo is waterproof), or the devices that turn an LCD Backpac into a wireless view and controller.
Underwater Wifi Extension Cable
WiFi itself won't work underwater, but what you can do is transmit the signal for the underwater portion through a cable. That allows you to livestream from your GoPro underwater.
If you like DIY projects, it is possible to build your own. Or Cam-Do now offers off-the-shelf extension cables for the HERO4, HERO3+, and HERO3 with lengths ranging from 20 feet to 300 feet.
If you want to try building one yourself, here's a how-to guide.