Gamma-ray bursts (GRBs) have long been held as one of the most promising sources of ultra-high energy (UHE) neutrinos. The internal shock model of GRB emission posits the joint production of UHE cosmic ray (UHECRs, above 10^8 GeV), photons, and neutrinos, through photohadronic interactions between source photons and magnetically-confined energetic protons, that occur when relativistically-expanding matter shells loaded with baryons collide with one another. While neutrino observations by IceCube have now ruled out the simplest version of the internal shock model, we show that a revised calculation of the emission, together with the consideration of the full photohadronic cross section and other particle physics effects, results in a prediction of the prompt GRB neutrino flux that still lies one order of magnitude below the current upper bounds, as recently exemplified by the results from ANTARES. In addition, we show that by allowing protons to directly escape their magnetic confinement without interacting at the source, we are able to partially decouple the cosmic ray and prompt neutrino emission, which grants the freedom to fit the UHECR observations while respecting the neutrino upper bounds. Finally, we briefly present advances towards pinning down the precise relation between UHECRs and UHE neutrinos, including the baryonic loading required to fit UHECR observations, and we will assess the role that very large volume neutrino telescopes play in this.