What are hazards? Water courses (including marsh grass), sand pits, OOB, quicksand.
Water is the NASCAR of golf. It is the accident waiting to happen, albeit without the threat of injury and death.
The most exciting hazard (not to be confused with the most appropriate, the most strategic, the most functional, the most exotic) is the one that offers the most dire threat, the most horrific outcome.
Rae's Creek as it is on 11 would not be as good on 12 nor 13. As it is on 12, would not be as good on 11 nor 13. And, as it is on 13 (twice!) would not be as good on 11 nor 12.
Contrast Paul's Island at Sawgrass with his Island at PGA West. Even if the Players had been hosted by PGA West all these years, I propose that we would not like 17 there as we do 17 at Jax. Why? Alcatraz has those rocks, which impact results far more than the wooden frame at the other place. At Sawgrass, it's all or nothing with a short pitch. Alcatraz is longer, and therefore, mistakes are understandable.
Water can be exciting and strategic, and it can be exciting and stupid. Rae's Creek is a brilliant example of this, on all three holes. You can aim right on 11, left on 12, and wherever on 13, and never risk death by H2O. Or, you can be a stupid and bring it into play on all three holes. On those three holes, there is so little water, yet so much excitement.
It is when there is so little safety, so little alternative, that water becomes exciting and stupid. That list is quite long.