Hmm - I don't think there's supposed to be water outside the crystalline dome of the stars. There are clouds and what look like planets out there. Since there's a hole where the alchemist is coming through, it seems like water would just flood continuously into the world inside the dome. If it does show water though, then your inclusion of the biblical statement from Genesis definitely fits. I believe the idea of water above the firmament explained how the flood happened - where enough water could come from to cover the whole world.
As I recall from the description I found online about the picture, he has found his way into an outer world - one where he can walk and live (so not underwater). I don't remember where I read that though and I can't find it on my hard drive anywhere (I usually keep interesting items like that as PDF files). It's possible you're mixing it up with another image? Or maybe Peterson was wrong about it - he does that sometimes. He might not have been aware of the purpose of the illustration and done a little conjecture.
Or maybe we're both right - maybe its the alchemist Kevin Costner who found his way into the outer Waterworld . I'm not familiar with the story it illustrates at all - possibly it's some kind of magical hole that doesn't let water through. And as for the color, I think somebody colored it in Photoshop. I usually see it in black and white too.
EDIT: Also, it's depicting a scene from alchemy or mysticism (of which alchemy is an important part) - not from the Bible. That's a specifically Alchemical depiction of the sun, then there's the moon (it's offscreen here, the top part of the image is cut off) and outside the dome of stars there's the wheel in the sky (yes - as in the Journey song if you go back that far). That's cut off too in the upper left corner. These are all powerful alchemical symbols.
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