The new waves, sky and clouds look great! Those polygon clouds especially worked out nicely.
For the torpedoes, I think your best bet would be to find that middle ground between arcade-style simplicity and simulation-style reality. Depth, range and direction should be fine, but torpedo type (steam or electric) could also be cool, especially if there is a noticeable difference between them.
I can see how rendering foreground images of the bow and stern could be problematic. If you did just the railing though that alone might provide that "grounding" effect you're looking for.
Glad to see you're still working on this! I wish my own devlogs were half as detailed.