en_tn_condensed/psa/124/005.md

Then the raging waters would have drowned us

This is another result of the situation described in Psalms 124:1 and Psalms 124:2. This did not happen because Yahweh was actually on their side. The raging waters did not drown the Israelites. (See: rc://en/ta/man/jit/figs-hypo)

the raging waters would have drowned us

Here the enemies of the writer are spoken of as if they were a raging river that would have drowned the Israelites. Alternate translation: "our enemies would have destroyed us" (See: rc://en/ta/man/jit/figs-metaphor)