There might be some truth in that, the idea's been around for many years.
My first job was with a marine equipment supplier. They tried some experiments in connection with one of the universitys to emulsify marine diesel. They also ran tests on big diesel gensets.
I was involved in the tests at a high security radar base looking out for incoming Soviet missiles! All seemed a bit OTT, but these massive gensets had to run 24/7 without fail and at an outrageous cost ... because they didn't trust the integrity of the grid!
Anyhow, they were getting proven fuel savings with between 2 and 5% water (I had one old diesel in the factory running on 15% ... didn't run well at all, but it ran!). What put the dampers on the idea were reports of bugs in the water creating acid which, in dead spots in the fuel system, ate components.
Also, Spitfires were supposed to be fitted with water injection to catch V2s during the war ... don't know how true that was.