Water only? It might take some grit away, but that’s about it.
If you use a grease-removing soap like Dawn(that’s what I recommend), it will help lift lubricants and grit away and let you rinse them out of your bearing. You also have to ensure you thoroughly dry your bearing, that will prevent the rust. Then you have to put a teeny bit of lube in the bearing.
Even stainless steel will eventually rust. It just takes longer.
Just get more mineral spirits, lighter fluid or acetone