Does anyone really use render to target (or capture 2d) to build the ripples on water?

I’v been working on ripples on water recently(water interaction with character), and there are a few different methods to achieve. Especially with Render to Target and capture 2D camera, it drops FPS a lot when I use a single render target. So I was wondering has anyone really made ripples on water by Render to Target or Capture 2d like this or the one in Content Example in real game play (not just test this method)?

And does anyone know how I can do to avoid performance dropping when I use render to target or capture 2d camera to make ripples on water?