Interesting question, requires in-depth knowledge of the subject.

Waterlogged conditions are not the choicest choice for banana or papaya...

No problem with babana, but papaya crop dies/wilted even if waterlogging takes place for about one hour.

Past studies have revealed a great variability among plant species in their capacity to develop these internal gas spaces. Aerenchyma forms either by separation of cells during development (schizogeny) or by cell death, separation and collapse (lysigeny) (Drew and Stolzy, 1996). For many wetland species, the formation of extensive aerenchyma is an integral part of normal root development and is considered constitutive and pre-adaptive (Jackson, 1989). In rice, for example, aerenchyma develops in the absence of oxygen deficiency (Jackson et al., 1985; Webb and Jackson, 1986) although some cultivars (cvs) form more aerenchyma in response to flooding (Armstrong, 1971; Justin and Armstrong, 1987). In contrast, in dryland crops such as wheat (Trought and Drew, 1980; Erdmann and Wiedenroth, 1988; Thomson et al., 1990), maize (Konings, 1982), barley (Benjamin and Greenway, 1979) and sunflower (Kawase and Whitmoyer, 1980), aerenchyma is stimulated by stagnant conditions that reduce gas exchange. This response is, however, not universal as Justin and Armstrong (1987)demonstrated. They found 96% of the 29 species from non-wetland habitats had low root porosities in drained soil and failed to develop higher porosities in flooded soil. In contrast, species from wetland and intermediate habitats had high porosities, especially when flooded, and that the biggest changes occurred in species which in drained soil had a fractional root porosity of between 0. 05 and 0.18.  Source ; Scientia Horticulturae 80 (1999) 57±72, Please read whole  PDF, very interesting...

Please find enclosed an interesting PDF related to on-going discussion..

Banana plant does not affect due to water logging condition but papaya plant is very much sensitive to water logging condition.  Wilting of leaves is the early symptom then whole plant gradually die.

Thanks Sir