Ive had about 8 months of diving to play with mine. Best settings depend entirely on your dive environment, specifically light availability and water clarity so no easy answer.
For clear blue water diving i use the SCENE underwater function. This corrects the colours fairly well. Anything >1m away i manually disable flash, closer i let the flash run.
Keep an eye on shutter speed it says its using, if its too slow it'll blur and then you need to go to Av mde.
For green murky water diving the under water mode again is OK for up close stuff but poor for anything further away - there i use shutter speed priority mode and dial in my own, again flash disabled. If you want you can calibrate white balance using a slate or something.
Its worth playing and photographing same object several times using different settings so you can compare post dive to get a feel for what works where.
Anyway in short, blue waters use SCN underwater (flash for closer than 1m, otherwise no) and shutter speed priority for murky/non blue waters.
Do NOT use plain auto mode at all - its very poor for underwater use and not designed for that.
Examples:
SCN underwater mode, flash manual off. depth 30m. A bit dark but not too bad
SCN underwater with flash. Depth 40. Scorpion fish sits on engine of a WW2 bomber wreck
SCN underwater, manual flash off, depth 20m.
No green water photos on this pc to compare. Play with all the settings is the best option.