There happens to be a Red Sea, but there isn't any Reed Sea; also, it makes no sense that two words alike in the "into" language would be confused -- there's nothing to recommend the idea, IOW. It happens that the bitter lakes which are now somewhat freshened by the Suez Canal are in the correct general ballpark, but there's still not any apparent way for those to drown the Pharaoh. So, if it was a natural event, it isn't one that has taken place since then.
Had (for example) the escaping Hebrews just crossed the Nile before a large tidal surge rushed up from the Mediterranean (requiring of course some kind of mechanism for the tidal surge in the first place), it seems pretty likely that the Biblical account would say, it happened as the Pharaoh tried to cross the Nile.
The Hebrew says yam suf, literally "Sea of Reeds," although the word yam (sea) is used in the Bible not only for oceans, but also for lakes (e.g., the "Sea" of Galilee).