Commenting on Col 2:12, E.K. Simpson and F.F. Bruce wrote the following which supports the salvific nature of water baptism:
Their baptism might, secondly, be viewed as their participation in Christ’s burial. The “putting off of the body of the flesh” and its burial out of sight alike emphasized that the old life was a thing of the past. They had shared in the death of Christ; they had also shared in His burial. Similarly, in Rom. 6:3ff. Paul argues that those who have been buried with Christ “through baptism into death” can no longer go on living as slaves to sin.
But baptism not only proclaims that the old order is over and done with; it proclaims that a new order has been inaugurated. The convert did not remain in the baptismal water; he emerged from it to begin a new life. Baptism, therefore, implies a sharing in Christ’s resurrection as well as in His death and burial. E.K. Simpson and F.F. Bruce, The Epistles to the Ephesians and the Colossians [Grand Rapids, Mich.: Eerdmans, 1957], 235-36)