where does the Tahoe region watershed eventually end up?
There are 3 forks of the American River, which drain everything west of the Sierra Crest between I-80 (the road to Reno) and US50 (the road to South Lake Tahoe. The American River is dammed at Folsom Lake and ends at Sacramento.
Sacramento in the 19th century had extreme flood risk and was completely underwater for some time after the famous January 1862 storms. The state capital was moved to San Francisco for most of 1862.
East of the Sierra crest drains into Lake Tahoe itself, then down the Truckee River through Reno and eventually into the Great Basin's Pyramid Lake.
South of Tahoe and west of the Crest are the Mokelumne (Kirkwood), Stanislaus (Bear Valley), Tuolumne and Merced (Yosemite NP) Rivers. The San Joaquin drains the backside of Mammoth down to Fresno, with the Kings (Kings Canyon NP) south of that. The western half of Sequoia NP drains into the Kaweah.
The eastern half of Sequoia NP is the highest part of the Sierra by Mt. Whitney. The Kern River forms there and runs south for ~75 miles before draining west through Bakersfield into what used to be Lake Tulare. Most years all of that water is consumed by Bakersfield and Central Valley farms. In 1969, 1983 and 1997 there were concentrated storms that resulted in Lake Tulare temporarily reforming, flooding the farms that have been developed there.
I have done whitewater rafting on most of the west side Sierra rivers mentioned above.
Is that chair damaged by being underwater?
If so, there wouldn't be any functional chairlifts in the Northeast.
The biggest threat to lifts in this type of storm is mudslides. I recall some lift damage in the Portes du Soleil in May 2015. A cursory Google search mentions one a month later in Bariloche. During the New Year's 1997 storm (one of those that reformed Lake Tulare) mudslides definitely damaged several buildings in Squaw Valley but I don't recall any damaged lifts.
The recent storm was modest vs. New Year's 1997, when it rained to 12,000 feet for three days and during the following two days still rained below 7,500 feet.