Yes, but....as stated [The old SB strobes and Nikonos V were notorious for flooding, generally in the shallows; so too older housings with screw-on ports].
Old gear, no longer designed that way, at least that I know of and I've seen a fair share of photo gear on photo based trips.
Almost all camera housing Still use a pair of Compression Orings to seal the back and port. The clips and clamps that hold them closed have improved, but ultimately it is only pressure that keeps them water tight. This is why Vacuum systems are becoming so popular now. The reduced internal pressure in the housing provides the equivelent surface compression to the thing being 10-20 feet deep, and often have a circuit to alert to a loss of pressure.