You can see some of the high level fireworks from the Epcot resort area (and some of the rooms at the YC; not sure of the other resorts). However, that is only a small portion of the show and not the same as seeing the whole show from within Epcot (which is only a 5 minute walk away).
I have stayed "lagoon view" at the YC club level many times (which means, obviously, that your room will be on the side of the hotel that faces the lagoon). Not sure how water view differs from that.