The forces that result when a supersonic object collides with water are so great, that water enters every crack or fissure in the surface, which shatters the object, and vaporises water that is displaced.
Water is used for cooling the reaction when fighting small fires. The steam produced will also displace oxygen from the fuel. However, at great enough compression temperatures the water is disassociated, and so the hydrogen and oxygen do react chemically with the object. You will not see that happening because you cannot be there at the time.
https://www.cws.com/en/fire-safety/news/extinguishing-metal-fires-how
"The ignition temperatures of metals such as aluminum, lithium, titanium, sodium or magnesium are relatively high at more than 500°C. A metal fire is therefore rare, but if it does occur, fighting it is complex. Accordingly, a metal fire is one of the most challenging fires, as conventional extinguishing agents (e.g. water) are ineffective or even lead to dangerous oxyhydrogen explosions. The reason for this is that the temperatures are immensely high at more than 2,000 °C. As a result, water would split into hydrogen and oxygen in the course of firefighting.
Remember: Water must not be used as an extinguishing agent for a metal fire! Foam or CO2 extinguishers are also not recommended.
Metal fires should be extinguished with special metal fire extinguishers. They have been developed for fire class D, i.e. fires involving titanium, aluminum or magnesium, and contain a special extinguishing powder. This prevents the chemical reaction in the event of a metal fire."