Try it! The first whiskey I've tried it with was Glenfiddich 12, and I was amazed at how it sweetened/changed the flavor profile with just a tiny splash.
Indeed, it's quite likely that rather than bringing out flavour through some sort of chemical or physical change, the dilution just reduces the alcoholic bite, allowing you to enjoy the other flavours more.
But still, you can certainly taste the difference and decide which you like best.
I've definitely seen serious whiskey drinkers add a little water to break the oils at the surface and release flavors like you said. I was more commenting on putting a giant spherical ice cube in your whiskey. But again, to each his own and there is no "right" way to do anything.