The title reflects my thoughts after making this WIP. I added a population of waterplants, which should float. They do, but they won't follow waves very acurately. I can of course delete the 'wrong' instances, but maybe there's another solution. So I was thinking; would a mesh displacer using the waves as displacement input bend the object enough so it would follow those waves? As a population? I know the mesh should be fine enough. Worth a try.
Another option would be to use a texture with alpha, but then you easily get repetition, as the image map won't rotate randomly as instances do.
Btw. I'm not yet satisfied with the sandy 'cliff', or the lighting.