What the rating doesn't show is what reaches the reef. Nobody has measured whether a longer rating means less sunscreen in the water, so it tells you about your skin and nothing else.
How you put it on counts too. Cancer Council advises applying sunscreen 20 minutes before going outside and reapplying every 2 hours. It's also worth reapplying straight after towelling off, because the towel takes sunscreen with it. There's more on how often to reapply in our guide. And "waterproof" sunscreen doesn't exist.