To say it saved him would be a tough one, as they were probably more non-GFCI circuit in this basement that could have been a problem.
First a GFCI only requires a path of 24,000 ohm's impedance to trip @ 120 volts, that's at .005 amps, I find it most likely that even if the circuit had no EGC all the way back to the panel this would have been very easily achievable just between the hot and the concrete floor and or walls of the basement all submerged in water.
In Dennis's experiment there was no alternate path back to source because of the water being in a plastic container that it self was isolated, it wasn't until he introduced an alternate return path (meter) that the GFCI did trip, with just the hot and neutral in the container of water current can flow all the way to the point of tripping the breaker, I would think a conductive mineral would have to be added to reach that point like salt, but as long as the current flowing upon the hot is equal to the current flowing upon the neutral the GFCI will allow the full capacity of the circuit to flow without tripping.
Now for the matter of having live circuits underwater in a flooded basement, each open live connection with the water will have a voltage shell around this point or each of these points, these will be very similar to the shells we have discussed on ground rods and or other electrodes, current does not flow in a single path from point A to point B but will flow through all paths back to source, the most dangerous place will be near the point the voltage in injected into the water, this is anywhere there is a exposed live conductor in contact with the water, the shell around this point will have the greatest voltage drop and if you are within this shell you will become part of the return path, as you move away from this point the water will have lesser and lesser of a voltage drop because there will be more and more paths back to source, but we must remember, the human body can maybe not have a problem with 30 volts out of water, if you are submerged it can be a big problem down as low a 1 to 3 volts, there has been cases of persons not being able to move as low as 1 volt of stray voltage while submerged and drowned just because they could no longer swim.
So in essences no flooded basement is safe if there is still live circuits in it, do not enter any water until all electric has been turned off, this might require the POCO removing the meter or what have ya but, it is not worth the chance, and this HI should have not even thought about entering this water until this was done.