First During Plumm Mini-game do Kargarok OoB, if you then fly all the way out to the part of the river you are never meant to get to during Plumm Mini-game it is possible to crash and land in shallow enough water that is far enough down that you will take enough damage to game over. This causes you to respawn in Lake Hylia, however the state of Plumm Mini-game will carry over to Lake Hylia, due to there not being a state normally associated with this value, the game doesn't load the water.
There are currently no known uses for this glitch.
It abuses a global system added for what what seems to be purely wagon escort so a void/game over during the escort would put you back into the same escort state. The escort state is merely temporary (triggered via a state override) and temporary states are supposed to be cleared by a void/death. Which would end the escort if you voided which obviously would be a glitch so they added that system. Except its a global thing and not just for Hyrule Field.
The way it works is that if on a loading instance there is no state override set (next state needs to be FF = default, always the case when you void or die), the default next area state according to story progress should be 0, and you have the flag set that indicates you died/voided (the flag is what makes the camera turn around Link after you spawn so it might be set in a few other cases) then the Stage takes the prior state you had instead of the determined default state for the area.
State 0 for Hyrule Field is post twilight so it makes sense. Lake Hylia post twilight is also state 0, it changes again after beating Lakebed and warping the cannon. Only between after twilight and beating Lakebed Empty Lake Hylia glitch works since that’s all default state 0.
If you die in the Plumm Mini-game it sends you back to Lake Hylia instead of the same area with a special game over override which still has the flag of the camera turning around Link after you stand up. So that triggers the glitch and Lake Hylia is put into the state you had prior (=the Plumm Mini-game state from Zora’s river which is state 10 or so). State 10 in Lake Hylia is not defined thus none of the state dependent actors are loaded including the water. So you get Empty Lake Hylia glitch as a result