No. Aerosol cannot be sanitised with water. It just serves functional needs. The aerosol produced by the shisha head cannot be sucked into the pipe without the presence of water.

Water does serve additional purposes during the entire session, though. 

A little benefit of using water in your hookah is that it humidifies the air in the room. The volume and rate of water evaporation rely on a number of variables, such as the temperature of the water and the air, the water's surface area, and the amount of air movement.

There are restrictions, however it will enhance the wetness. A bowl of water would raise the relative humidity in a completely enclosed space to 100%. (all the moisture the air can hold). In reality, air enters and exits each area, removing moisture and bringing in cold, dry air.