Some are lost to the water for sure. This is why I consider dry sift/dry ice dry sift superior to water/ice hash. Also lost would be hormones, and some flavanoids and esters to my understanding. I’d be curious to try some 25 micron sift if it was from clean canna. Probably some sessile capitates which have different cannabinoid/terpene ratios
For real though, look at my post from before
Check out the trichome heads exploded haha. Definitely loss happening there. Probably some cannabinoids in the water even.
Just because things are immiscible doesn’t mean they cant be held in suspension/mixed. Look at salad dressing for instance. I would be super curious to see the water analyzed. I know when NORML did a test on bong water they found it was actually filtering out more cannabinoids then tar.