Well Archimedes principle says the upthrust force on an object is equal to the mass of the displaced liquid.
That's true whether the object sinks or floats - a lump of stone submerged in water is easier to lift than the same lump in the air cos under the water the upthrust gives you assistance.
floating object displaces it's mass
sunken object displaces it's volume
typically it's sunk because the sunken object was more dense than water, it displaced it;s mass of water but the upthrust was still less than the weight of the object.
but you could be holding an object that's less dense than water underwater with an external force