How to Fix my Phone?

I have a Lenovo K5 Play phone and I recently dropped it into water. I left it to dry out and it wouldn't turn on. I attempted to charge the phone, and a red light comes on in the top left corner and the phone is suck on reboot, it never gets past the Lenovo start-up logo.

I've tried to hold, press and repeatedly press the volume buttons, power buttons, and hold both or either to try and get the phone to do something different, but to no luck.

If the phone can't be saved, is it still possible to recover any data from the phone?