No! Vinyl is a very tough material and your waterbed will not burst unless it is cut with a sharp object. Even then, it will not ‘burst’ as such like a balloon. It will simply leak slightly when you can fix it with a normal vinyl repair kit. A punctured airbed does not spray out water because it is under neutral pressure. Even a large cut will only leak the water out and not spray it out. A cut on top of the mattress might not even leak at all.