There's an easier way to say it. If an axisymmetric "submarine" is half submerged, the displacement is just half of what it is submerged, and half the area is submerged. When it's fully submerged, you have the full displacement and the full area. So the ratio between the two is the same. Not that I can remember just why I wrote this in the first place, but it's not wrong. I suppose things vary a bit in the intermediate states.I would suggest that you check your math.
And, FWIW, an arbitrary sectional area to wetted perimeter ratio has very little to do with the overall resistance of a submarine on the surface or submerged. Some (and not even most) moderns submarines are round but that has to do with many other issues than resistance.
If these two states had the same low velocity, where drag from making waves was insignificant, the resistance per displacement would be the same, too. But that would have to be very slow, I think.