Operating system: Windows 10 Home, Version 10.0.18363 Build 18363
Graphics card: ASUS R9 290X DirectCU II OC
Broken: V2.82 Alpha, ed32db06c124, 2019-12-16, as found on the splash screen
The scene is a water cube and an icosphere is moved in a linear fashion on the surface to generate waves and related bubbles. Water domain does not render but shows in the viewport in any view mode when water layer set not visible. If the water layer set visible then it shows the cube for the water and not the domain and no waves are visible and only the bubble, foam and float particles show in render window without water and generated wave. Used GPU and CPU renders but both gave the same results.
Exact steps for others to reproduce the error
Bake the attached file and render after disabling the visibility of the water layer.