p. 298
हन्त्यविद्यां तत्कार्यं चेति हंसः परमात्मा भूतभौतिकलक्षणात्संसारात् सलिलात् उच्चरन् ऊर्ध्वं चरन् संसाराद्बहिरेव
In plain words
He kills avidyā and everything avidyā produces — that is why he is called haṃsa, and haṃsa here is the supreme Self. 'Out of the water' means out of saṃsāra, which is nothing but the elements and what the elements make. 'Rising, moving upward' means standing clean outside saṃsāra, and nowhere within it.
Close to the Sanskrit
He destroys nescience and its effect — thus, haṃsa: the supreme Self. 'From the water' means from saṃsāra, which is characterized by the elements and what is made of the elements; 'rising up, moving upward' means being entirely outside saṃsāra.