Hey Kevin,
The best thing to do is to pull the bar into a hard turn before the kite hits the water, with good fortune, the kite will hit on an angle and the energy will be absorbed more slowly rather than the nasty BANG as she hits the water under full noise.
Yes you can pull the safety and it will save your kite but resetting a Cabrinha in the water is almost as difficult as pushing a wet turd uphill with a sharp stick. Resetting almost any quick release is very difficult and dangerous in the water.
The repair shouldn't be more than a couple of hundred in a bad scenario. Drop it into Moti Levy on the Goldy, he-ll sort it like new.
Good winds,