I have noticed that the Look Through option shows the correct point of view, but each time it is zoomed in a lot.
For a Gopro 11 the FOV is around 60 degrees. So when I set Perspective to 60 degrees and select the "Look through" option, then I am show the correct angle of view, but the vieport camera is too close. I have to use the mouse scroll to move the viewport camera away to actually match the original image and then everything looks good. This happens for all photosets on land or under water.