While that helps, the main reason is that Water gets less dense from 4-0 degrees C. Usually materials get more dense as their temperature decreases, which means in liquids you generally find the coldest liquid at the bottom. However with water over this small temperature range it becomes less dense, so the cold water (being cooled by the air) stays on the surface. Causing it to freeze across the top. This creates a barrier to more heat escaping from the water below (which is also warmed by the soil at its edges, as noted above), thus slowing down the freezing of the water below it substantially.
This change in density (less dense means increase volume, causing thermal strain if this volume is constrained) is also why water turning to ice breaks engine blocks, and and structures in general.
Pressure does affect phase change (e.g. Boiling / Freezing points). Increased pressure lowers the freezing point, and would help, but I think the density change is the main reason.
Btw, water is not incompressible, nothing is actually incompressible, its just trying to compress water takes a huge amount of force (pressure). However water compressibility has to be taken into account in some circumstances. If you filled an unbreakable container with water and froze it, the water would just be under a huge amount of strain.