I accidentally removed a foundation and in the process fell into the water under my base. I did not see any loot bags, hopefully only due to the debris from the foundation and not because they actually didn’t spawn.
I lost seven thralls, a lot of steel and star metal, and quite a few tools and workbenches. I am not a “grind grind grind” player; it took me quite a while to build up those resources, and this happened on a server where I am not an admin, so I can’t just spawn things in to replace them. There was nothing to stop me from removing the foundation with the chests on it other than my ability to see what I have selected, and obviously that was not enough.