You've got an extremely powerful spell per RAW, then you seem to be ignoring RAW to make it an I-win button. Never mind the 'realism' of the monsters sitting drowning at the bottom of the pool
Firstly, he seems to have played RAW perfectly (saves were allowed, and the mobs were in LoE).
Secondly, he played the flavour nicely. The wizard had a focus for the effect and let it ride.
Lastly, the idea of sitting at the bottom of the pool brings to mind the end of Indiana Jones & The Last Crusade, where Indy almost dies trying to reach The Grail (despite having just tried to convince the "love interest" not to do so) and needed his Dad to shake him out of it - a granted save that he passed imo
The monsters kept trying to go for the loot convinced by the magic that just a few more seconds and they could get away safely, WITH THE LOOT.