It should work I believe as it is a texture file only according to the nexus file preview. You likely could try it and post the results. I personally do not use that water mod. I may try this with simplicity of sea and I will post my result.
I'm researching that question right now and had hoped to find the answer here. There is no insight under the 6,600+ Posts under Water for ENB that I could find.
I use RW2 and immediately see the difference. It is a textural shader change, so it should work on any water replacer. The only complaint I would have is that it looks weird in flowing water, so perhaps its possible to treat that differently compared to stagnant water and the sea, i. e. a texture for lake, river and sea?
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There is no insight under the 6,600+ Posts under Water for ENB that I could find.
(Plus my OCD is going out of it's mind with the constant ENB warning)
Edit: Added picture link
LOOT image
2nd Edit:
Thank you for porting this btw! Will endorse once fixed.
You can also flag the ESP as ESL without compacting.