Immediately after unlocking the water shaft, I tried to enter it. I used the elevator option to go to the first floor, rather than the "entrance" option (an accident, but I'm glad I did so I could find this bug).
The mineshaft elevator majorly glitched because of it, pulling my character out of the boundaries of the map. It seemed like it was trying to go down (although it didn't look like a normal floor to was headed towards) so I tried to wait it out to see if it would eventually fix itself. Eventually it put me into a black area above the map, where I could move around and use my tool. Then, it seemed like I fell, passing through a blue background area, and eventually all the way to the inside of my house.
I thought it would be fine since I just wound up at my house at the end, but the only thing I could do was move. No interactions. No dash. No tool use. No inventory scrolling or swapping toolbars. No menus to pull up. I exited my house and tried to go back up to the mines (hoping that would fix it) but I forgot it requires an interaction.
Eventually I decided to use the emergency "I'm Stuck" option (which I was only able to access by hitting my windows button, which pulls that menu up to pause the game) and figured that would fix it. It did not.
Since the day was saved, though, I used the windows button to once again to pull up that menu and exited to the main menu, restarted my save file, and then I was able to use my tools, interact, use my inventory, and access menus.
I think this bug is related to the fact that I attempted to use the elevator on a mineshaft that I had not unlocked any elevator floors on (or even entered at all) yet.