  We present an analysis of the JDISC JWST/MIRI-MRS spectrum of Sz~114, an
accreting M5 star surrounded by a large dust disk with a shallow gap at $\sim
39$ au. The spectrum is molecular-rich: we report the detection of water, CO,
CO$_2$, HCN, C$_2$H$_2$, and H$_2$. The only identified atomic/ionic transition
is from [NeII] at 12.81 micron. A distinct feature of this spectrum is the
forest of water lines with the 17.22 micron emission surpassing that of most
mid-to-late M-star disks by an order of magnitude in flux and aligning instead
with disks of earlier-type stars. Moreover, flux ratios of C$_2$H$_2$/H$_2$O
and HCN/H$_2$O in Sz~114 also resemble those of earlier-type disks, with a
slightly elevated CO$_2$/H$_2$O ratio. While accretional heating can boost all
infrared lines, the unusual properties of Sz~114 could be explained by the
young age of the source, its formation under unusual initial conditions (a
large massive disk), and the presence of dust substructures. The latter delays
the inward drift of icy pebbles and help preserve a lower C/O ratio over an
extended period. In contrast, mid-to-late M-star disks--which are typically
faint, small in size, and likely lack significant substructures--may have more
quickly depleted the outer icy reservoir and already evolved out of a
water-rich inner disk phase. Our findings underscore the unexpected diversity
within mid-infrared spectra of mid-to-late M-star disks, highlighting the need
to expand the observational sample for a comprehensive understanding of their
variations and thoroughly test pebble drift and planet formation models.
