My experience here in CA, on the beaches at the ocean, is that the time spent doing it is not worth the returns. You will be constantly battling waves, trying to swing, isolate, dig, etc.... Why not just wait for a super minus tide day, and simply WALK out there?

I find no more targets out in the wading-deep water (on our central and northern CA beaches anyhow), verses at the low water mark. Sand is not stationary, and targets move around (especially during storms and such). So just because people wade and swim, and are thus likely loosing more jewelry *in* the water, as opposed to *outside* of the water, doesn't necessarily mean that the jewelry
out there always stays
out there. There might be some of mother nature's pocket work, that might put heavier items out there in the rolling surf. But those things could've been brought down from up high, and aren't necessarily down there, because they were lost there. I know some hunters who think that is the best zone during receding tide/erosion, and will wade out to hunt it. But Lord help them if they're battling 15 to 20 ft. seas. Perhaps down in the calmer So. CA waters, or Bay type swimming pool conditions, but here in central CA where I'm at, even if you could withstand the rushing surf (holding on for dear life), you'd get very little detecting time in, because you'd spend all your time waiting for the water to recede, so you can make mad dashes and swings with your coil, before the next wave deluges you.
I sometimes fight surf if I feel there's heavy targets (lead and thus gold potential) out in the ebbing surf, but I certainly wouldn't call it "wading", as the water is going in and out, so it's never one constant height.
After the right storm conditions, there is no "rule of thumb" that says the targets are necessarily "out in the water". There can be nice rings up in the mid-band wet sand parallel, just as they can be at the base of a cut, or out in the water.
Now for undisturbed freshwater hunting, where the water level doesn't change much, and it's true that the rings in the water, will remain in the water, then yes, wade.