When Link is in the sunken Hyrule, he is able to travel between the Tower of the Gods and the Forsaken Fortress. There are many islands inbetween those two places but Link doesn't encounter any of them when in Hyrule. Therefore, it is quite likely that many of the islands of the great sea are floating.

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"Let fear be cast into the hearts of our enemy.
Let them lose all hope and let their heart sink into the unending darkness.
Let them have no will to live.
Let them feel the power of the Sages of Despair!"

-The Sages of Despair Creed

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