Water is a great solvent. It’s neutral and doesn’t provide any strong positive or negative effects. It just helps components to mix better and to transport active components.
Fragrance is a mix of chemical ingredients (usually 20-30 chemicals but up to 200 sometimes) that help the product to smell better. It can hide many bad things. Synthetic fragrances may contain many different chemicals, but manufacturers don’t want to reveal each of them for some reason and hide them behind the word "Fragrance".
Glycerin is one of the most outstanding and helpful skincare components. It's used in many skincare products because it works and provides notable results. It's one of the best moisturizers. Molecules of Glycerin can absorb water and deliver it into deep layers of the skin making it hydrated.