There are few times when a chanter reed will require a soaking. If the mouth of the reed is too big and the reed is very dry then a wee soak will be necessary otherwise it may split when adjusting. Put the reed in water and leave it for a minute or so.
When the mouth of a reed is too big, it will need a squeeze and rock. You’ll need to soak the reed for a minute or so followed by a squeeze, pinching just above the staple and rocking. If when the reed dries the mouth is still not quite right, just repeat the exercise. It won’t hurt the reed.
The only other time I would consider soaking a reed is if I were working at high altitude. The cane dries out much more quickly at high altitude and retaining moisture is a constant problem.