If it can suffocate the chick, I wouldn't say it's for both. Just because people do it doesn't mean it is a safe or reliable method. I'd love to see a trusted resource saying to check eggs for viability at day 21 by dropping them in water...
Float tests are to see if eggs are rotten, not viable at day 21. I would just leave it alone in the incubator for the next day and hope it didn't drown. My last batch I had 1 on day 20, 2 on day 21, and 1 late in day 22.