I vaguely remember something similar turning up here some time ago.
The answer given was that if earth were the size of a base/basket/billiard ball then the vertical distance between the deepest trench and the highest mountain would be about the thickness of a fingernail.
I can’t remember which ball, but with that sort of ratio it doesn’t seem to matter that much.
Now that the basic mathematical answer has been given, it may be of interest to consider that the Earth is not perfectly spherical, or of uniform density. For the real earth, a global ocean wouldn’t have a spherical surface.
Determining the shape of the geoid to very high precision is the goal of the recently launched GOCE mission (Gravity field and steady-state Ocean Circulation Explorer).