The only other water trap is the gascolator (fuel strainer) and it will only hold about three or four ounces of water. Not much. There's a screen at the carb/injector servo inlet that has a really fine mesh that is reluctant to pass water as long as the mesh is wet with fuel, but that screen can get covered with enough water to stop the fuel flow. There are orifices in these systems that can also be small enough to refuse to pass any water in the presence of fuel; the water's surface tension does it.
There are, if I remember right, three or four forms of water possible in the fuel. Free water is the one we're all familiar with, and it will settle out soon enough. Entrained water is in the form of tiny droplets that will stay suspended for a long time, like cloud or fog droplets. There is dissolved water, impossible to see, and pretty much all gasoline will have some of it. And then there are ice crystals, possible in cold weather, that appear like snow in the fuel sample. If there are enough of those, they can clog filters.
Dan