The point of this verse is that Noah and his family would have died in the flood except that the Lord saved them in the ark. The difference in these salvations is that the former is physical while the latter is spiritual.

Here is the verse collapsed by excluding the parenthesis:The like figure whereunto even baptism does also now save us by the resurrection of Jesus Christ:The ^like figure^ is TheFlood and the Ark. The word is ^baptism^ and not WaterBaptism. Baptism is immersion. Immersion into what? WaterBaptism is a symbol. It saves no one. SpiritualBaptism is what saves. What is SpiritualBaptism? It is being BaptizedInTheNameOfJesusChrist. That is why Peter said ^by the resurrection of Jesus Christ^ which proved that He is MightyGod and Saviour.

Here is the parenthetic part:

not the putting away of the filth of the flesh, but the answer of a good conscience toward the LordThe point is that no works of the flesh, including WaterBaptism, contribute to our salvation. Rather it is the answer (expression) of a ^good conscience^ which is the NewCreature that is created by ReceivingJesus as Lord and Saviour.