Steps to recreate:

  1. File->New
  2. Quest->Player; "Player Sprites" window appears
  3. Click 'Options' tab
  4. Set swim speed to Slow
  5. Click 'Sprites (Liquid)' tab
  6. Click 'Swim' tab
  7. Observe speed of Link swim animations
  8. Click 'Options' tab
  9. Set swim speed to Fast
  10. Click 'Sprites (Liquid)' tab again
  11. Click 'Swim' tab again
  12. Observe speed of Link swim animations is the same