Panos of water can be painful to finish for the reasons illustrated very well by your gorgeous capture.
What I do is to add layers and use them to copy and move as much of nearby waves and other water textures as needed so that the distractions are gone. Sometimes I go back to the original pre-stitched images for source content and sometimes I use parts of the stitched composition, or both. After the seams are hidden I fix up colors and shading as needed.
Another approach is to use a very long shutter speed for the captures as that blurs the water and helps to reduce the need for this kind of pp.
Here’s an example. IIRC there are 7 frames taken of water and 3 of land.
(http://justan-elk.com/Images/Waterscapes/CanonBeachSunsetPano2A.jpg)