Are circular waves on a lake just the borders of a “bubble”?

When you throw a rock on a lake it makes circular visible waves. Can it be that the rock causes a “expansive bubble” underwater that we can only see its borders on the surface?

Like the bubble made of the impact from Matrix Revolution fight scene.

No, these are surface gravity waves. The magnitude of the motion decays exponentially with depth, $$y$$, into the water as $$exp(-2\pi y/\lambda)$$ where $$\lambda$$ is the wavelength.