I don't care about the water heater. I have at least 4 combined valves in my house that are metallic, with either threaded or soldered connections, which guarantee the cold and hot metallic pipes are joined electrically.
I do understand what you are saying even if my writing is not eloquent enough to make that clear. When we moved into our present house it had 1 full bathroom on the second floor. The mixing valve for the shower bath, bathroom sink, and the kitchen sink were the only ones in the house. The kitchen sink mixing valve had plastic guts but I did not think about that and I didn't check it for continuity because I didn't think of it as meeting the requirement for a bonding conductor. The valves for the clothes washer and the laundry sink were completely separate. Whether a mixing valve meets the bonding requirement or not I could see it functioning as one because the electrons don't care about the US National Electric Code (NEC).
[I know this because I conducted a careful survey of a billion electrons and they all responded that they don't give a tinkers damn about were electricians think they should go. They will go where the laws of physics send them. Or as one contributor to another electrical bulletin board says in his tag line "The laws of physics are strictly enforced."]
The rest of the question to me is, does a connection between the hot and cold water lines through a mixing valve 2 floors away conform to the requirement for a low impedance pathway back to the source of supply which is laid out in the objectives portion of Article 250. Obviously I don't think it does. I think that by "Low Impedance the code means the minimum practical impedance. I believe the intent is to use the shortest practicable pathway and not depend on plumbed appliances which may be conductive at the present time but not remain so in the future. When a water meter is connected to the plumbing by direct connection to conductive piping, and not by a water meter bracket, we have to bond around that water meter if we make a Grounding Electrode Conductor connection on the building side of the meter.
[As a side note I always try to make that connection on the street side of the very first shutoff in the building because neither the plumbers nor Harry and Harriet homeowner are likely to take apart and pipe they cannot shut off.]
In the same way I think that we should make bonding connections around any fitting or water using appliance that is not known to be electrically conductive.
Tom Horne