That is usually true. But not on our 3.4L V6. The water pump is not near the 'fan' belts. It is under a cover driven by the toothed timing belt which will NOT squeal--if it does, the engine would immediately come to a semi-permanent stop.
Squealing belts for us means loose or worn accessory belts or a stuck PS pump, alt, or A/C compressor. Our W/P will advertise failure by leaking (often in a stealth manner) or very subtle timing belt noise, but not a squeal. The best check is looking behind the timing cover for dried coolant with an extension mirror.
Sorry, but I thought I should explain this.
PS. Don't go back to the mechanic who installed your W/P a year ago (no way W/P and thermo should leak after a year) and check your crank-bolt torque--he probably screwed that up, too--and the consequences could be dire.