It's a throw of the dice as to whether or not the unit still works. Yes, you absolutely need to open it up and flush with rubbing alcohol. I would also use a soft bristle brush to carefully and gently scrub the board.
It's not the water that does the long term damage, but the mineral deposits that water leaves behind. Cleaning with rubbing alcohol eliminates the deposits. There are several members here who have had the same problem and using the above method is the best route.
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