The historical memory of the splitting of the Red Sea goes beyond the simple fact that the waters parted. It captures the miraculous quality of the path the Israelites traveled. The imagery of a horse galloping paints a picture of a safe, fast, and clear passage across the ocean floor, as if it were solid dry land. The primary approach among commentators is that this comparison highlights how smoothly the Israelites moved through the deep sea. Just as a horse running through an open, dry, and flat desert does not stumble because the ground is level and free of obstacles, the Israelites moved through the ocean depths without tripping.
This highlights the extraordinary power of the miracle. While simply clearing the water would have been enough to allow the Israelites to cross, God performed an additional miracle by completely drying the seabed. The ground hardened instantly, and all mud and rocks were wiped away. Because of this, the Israelites were able to not just walk, but run with strength and speed without losing their footing [רד״ק, מלבי״ם].