Depending on the situation, yes, the ECM will change timing and fuel, the TCM may unlock the TCC, it may keep it locked and the ABS will activate at the wheel losing traction. All this is done in conjunction and results are dependent on the operator; the braking, steering and panic state.
With my VDC and the Outback R, I know I can run through water that's on the road, maybe one side of the lane, or all across the lane, at 80 mph, and the VDCCM will react because of the hydroplaning wheel(s). I won't lose speed. I won't lose forward direction. I feel it when it does it, but it doesn't shut the car down.
With all the Subarus I have now, VDC, Outback R, Impreza and a Forester, last one is getting an engine in it today, if I make an abrupt lane change, like running a slalum course, wet or dry, the car maintains the direction I am aiming it. Both H6 cars really keep to the road. The Impreza is so nimble, I don't think anything could make it lose control. It's like driving a go-kart. I have slid it sideways once, though, doing a lane change coming on an on ramp at 60 mph and the nut in front of me decided he/she needed to brake all the sudden. I didn't get off the fuel though; I kept it hammered once I started the maneuver.
Your results may vary. (ref. panic state)