According to Apple, it is NOT a good idea to dry out an iPhone that has gotten dunked in liquid.

Here is what to do instead [taken from a MacWorld article, linked below]:

1. Tap your iPhone gently against your hand with the connector facing down to remove excess liquid. Leave your iPhone in a dry area with some airflow. 
2. After at least 30 minutes, try charging with a Lightning or USB-C cable or connecting an accessory.
3. If you see the alert again, there is still liquid in the connector or under the pins of your cable. Leave your iPhone in a dry area with some airflow for up to a day. You can try again to charge or connect an accessory throughout this period. It might take up to 24 hours to fully dry.
4. If your phone has dried out but still isn’t charging, unplug the cable from the adapter and unplug the adapter from the wall (if possible) and then connect them again.

Other things NOT to do?

1. Using a heat source to speed up the drying [like a hair dryer. BAD idea!]
2. Using compressed air [can cause damage to the components]
3. Sticking a Q-tip into the charging port to try and dry things out.

WAIT FOR THINGS TO DRY OUT.

While you are waiting, MDS Tech suggests you go outside and notice the trees and bids…. and perhaps go spend some quality time with your family, sans devices.

Sources:

1. Macworld Article: https://www.macworld.com/article/2239742/iphone-liquid-damage-dry-rice.html
2. Apple Support notes: https://support.apple.com/en-us/102643