That was a decompression event with high pressure air flowing out. If a submarine has a rupture that deep, it would go the other way, high pressure water coming in. Most likely, as soon as there was any break the whole thing would collapse in on itself. Picture yourself crushing an empty coke can between the two flat ends. It goes from intact and pretty strong to all of a sudden easy to push and crushed.

In the event you could contain it to a simple pinhole and not have it instantly crush, the stream of water would cut anything placed in its path. It would work similar to a lightsaber.