Water is a crucial component to shallow diving, but more water isn't necessarily better. That's because compared to a lot of other substances, water isn't a very compressible fluid. It's not a magic and soft blanket that breaks every fall. Jumping into water from a very high spot is almost as damaging as jumping onto concrete. It will break you.
To avoid becoming mangled meat, divers must correctly plan and execute their leaps. Technique is vital, and no matter who's doing the diving, the idea is the same. Spread out your limbs and torso to create most possible surface area. The more surface area, the more points of simultaneous contact, and the faster your body decelerates from speeds that are harmful to simply painful.
Taylor purposely pushes away from the diving platform for just a little forward motion. As a result, instead of falling straight down, a bit of forward momentum helps to displace downward energy. He also purposely hits the surface of the water with his hands first, breaking the tension of the water just before the rest of his body impacts.
Water temperature also matters. Many divers cool the water before their jumps to ensure the fluid is as dense as possible, again for the purpose of slowing their descents quickly.
Like any other extreme stuntman, Taylor weighs risks of personal injury against fortune and fame. To date, he's broken the world record 20 times. Perhaps he'll break it 20 more times in his career. Or perhaps his luck will run out, as it has for so many other adrenaline junkies.
The shallow dive has been around for a long time, and in spite of its familiarity it's still a showstopping feat of physical prowess and fearlessness that almost no one attempts. So the next time you're soaking your feet in a kiddie pool on a hot summer day, be glad you'll never have to flop into one from the roof of a four-story building.