Rice grows in paddy fields, which are kind of wet. If it readily absorbed water we wouldn't have to boil it!
Anecdotes about it drying phones are mostly due to putting it in a warm environment and letting the water evaporate. Rice by itself doesn't work.
Best technique is water gel crystals as used by gardeners. (Sodium polyacrylate / acrylic acid.) Ideally get the coarse stuff rather than the fine granules. Put them in an air-tight container and place the phone on top of the granules. Don't cover it - you need the air space. Seal it and leave it for 24 hours. (Preferably somewhere warm, but I've actually tested this in a fridge and it still works, even at 5C!)
The granules will pull moisture from the air in the container, the phone will give up moisture back into the air. I've used this technique many times, and it's pretty effective. The phone may still be damaged, however, and some will lock up having detected a fault. An iPhone 6 I did a year or two ago went into recovery mode, but was accessible by a PC after drying. So you should stand a chance at recovering data if nothing else.