..Matter is compressed space-time.The shape of this compression gives the form of matter....
...and the space-time is formed by density gradients of matter. These two approaches are mutually dual each other. The idea of yours is the base of geometrodynamic theory, btw. The geometrodynamic theory was developed by J.A.Wheeler in the mid of 50's of the last century already.
But I still prefer the matter based theory, not the space-time based approach, because its more illustrative and easier to comprehend. Every can imagine the behavior of particle system, rather then of space and time, which are both abstract concepts. This makes the Aether concept so good for layman explanations. While the behavior of particle system is difficult to model by consecutive math, it can still be modeled by using of computer. Briefly speaking, the particle based models are good for illustrative explanation of mutual connections and the space-time based models for mathematical derivations and exact computing. But they're both dual mutually, as we cannot explain the behavior of particle field without time/space concept on the background, and vice-versa.
For example, the above picture illustrates the analogy of Faraday-Lentz force and Newton-Magnus-Robbins force by AWT. The magnetic field transforms the vacuum into field of many tiny vortices, through which the charged particle with spin is moving along curved path, being dragged by vortex field. The particle (i.e. matter based) model explains the mutual relation of vectors by quite illustrative way - the dragging force is similar to those, which we can experience by using of rotating ball falling in the gas. For explanation of the same effect by space-time based theory you would required to have rather complex math first.
In addition, the particle (i.e. Aether) based approach can explain even the nature of the space and time concepts itself and their mutual relation. By geometrodynamic theory you cannot explain, what the time and space concepts are - they're simply postulates here. By space-time based approach it's much more difficult to explain the nature of right-angled geometry, to explain, why we are living in just 3D space and other principal things, which can be explained by Aether model easily. This is simply because the space/time are abstract, ad-hoced concepts, the nature of which isn't apparent for us so well, with compare to particle gas concept.
..Electromagnetic radiation is waves propagating through Space time. A good example would be to imagine the universe as an expanding bubble of water with the fabric of space time as water....
You see - but these models are particle system based analogies, not the space-time based analogies. Even the wave concept is particle based concept, because you cannot explain, why the space-time should undulate in waves without consideration of particle field on background - the concept of wave is apparently ad-hoced (artificially introduced) behavior in space-time based theory. In brief, you're forced to use the Aether model on background, when trying to explain at least something from space-time behavior.
