Yes, that's the way it's done.
You can go a little deeper, if weather permits...in calm seas, I can travel at 7.5m, so that only the conning-tower sticks out (and the deckgun, eventually).
Just experiment...if you watch-crew suddenly goes below deck, then go 0.1m higher, and see if they reappear on the bridge.
Great to keep a low radar-profile, allthough your average speed is reduced by approx. 4kts, and fuel-consumption goes up.
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