That is not what the data indicate. Looking at the end of the flight, there are only a few possibilities. I've made the important traces bold:
View attachment 43791
At 765 s the aircraft is flying level with forward elevator. At 767 s you centered the elevator and applied down throttle. At 770 s the aircraft has stopped forward motion and is descending. By 773 s you have stopped applying down throttle and the aircraft is fully stationary. From your previous description it seemed like it might be in the water at that point, but maybe not - it's close though. At 775 s you applied forward elevator again, going to full at 777 s. The aircraft accelerates to around 1.4 m/s, so it is not in the water. No change in height is recorded at this time. Then at 779.5 s you abruptly center the elevator, producing the extreme pitch excursion from -37° to +40° that I mentioned before. The aircraft begins to decelerate and you apply full up throttle at 781 s - then the record ends.
So nothing about those data indicate steady horizontal flight followed by a sudden, uncommanded drop. If the motors were on when it hit the water then this is likely just a loss of height due to the sudden stop - a common event, followed by signal loss as the aircraft antenna submerged. The other possibility, as I mentioned before, is a dislodged battery, but that now seems less likely.
Looking at that graph and my description of what it says, can you comment on how the features described relate to what you did and saw?