Does buried loot stay in Sea of Thieves?

I'm curious about the mechanics of the game Sea of Thieves. Specifically, I've heard rumors that buried loot can remain in the game world even after players have left the area. Is this true? If so, how long does buried loot stay in the Sea of Thieves before it disappears or becomes available for other players to find? I'm interested in understanding the intricacies of the treasure-hunting system in this game and how it affects gameplay.