It probably did short to ground (and to neutral). But that doesn’t actually trip the breaker reliably unless it’s a GFCI breaker or the short draws enough current to hit the trip point on the breaker, which it almost certainly did not.
Given that you mention the device plugged in is a washing machine, it’s probably a NEMA 5-15 or NEMA 5-20 plug. That means hot has 12.7mm of water to cover to short to neutral, and equivalent to ground. Good tap water typically has a resistance on the order of about 2 kΩ per meter. That gives us roughly 25.4 Ω of resistance, which at 120 V translates to just short of 5 A across the ‘short’ between hot and neutral, and the same to ground. Leakage beyond that is probably negligible in this case, so we’re looking at around 10-12 A. But your washing machine should be on a dedicated 15 A or 20 A circuit, and that’s not enough to trip the breaker for such a circuit.
To actually trip a 15 A breaker you need a short with a resistance of 8 Ω or less, and a 20 A breaker needs a short with a resistance of 6 Ω or less. That’s actually possible with tap water in some places, but it’s rather uncommon in more populous parts of North America or Europe.
Now, this does not mean that wading through the water was safe, even with well insulated boots. Water’s conductivity is very closely related to what’s dissolved in it and how much, your skin has plenty of stuff on the surface to dissolve into the water to raise that conductivity. Factoring that in, if you got close enough to the end of the extension cord (or to an outlet in the wall) and fell into the water, you very likely would have been paralyzed, and probably drowned as a result.
In the future, it’s much safer to call the power company for a temporary shutoff. Also, you probably should take the time to install GFCI breakers for all the basement circuits (not just this one) as they would have tripped in the described situation, and possibly look into better drainage to help avoid such scenarios.