Works well enough for me.
Using quick set epoxies on anything that needs to remain in water for extended periods is inadvisable. Model submariners always use slow set epoxies for anything that comes into contact with water, although in many instances, modified acrylic adhesives can do the same job and better. Also it's advisable to leave bonded items for several days before putting it anywhere near water, they might say the adhesives set in a certain time, but they only reach their maximum cure state after some days.
I sometimes mix some cotton flock in with the adhesive, makes it really strong.