What happens if I drop it in the toilet?

Yes, it has happened more than you would think.

If you get it wet, it is not waterproof. The wavy holes on the back of the device are air vents for the coils. So if water gets inside of it - rice will not do the trick.

Use a blow dryer as quickly as possible to completely dry it then the device should be fine. Just don't let it stay wet for very long or the circuitry will corrode.

https://youtube.com/shorts/q-VnApSRtFI