Ok, this is all anecdotal, but I like to think I have some measure of expertise in the field. I have been swimming since before I could walk. I was on 2 swim teams simultaneously. I have been a trained lifeguard. I have taught kids, teens, and adults, all of whom were terrified of the water, how to swim. I'd swim 20 laps fully clothed as a warm-up, and tread water for half an hour just to show it could be done. I know what I am talking about.
That said, there are sinkers and there are floaters. My father and I are sinkers. Even on my back, face up, lungs hyperinflated (yes, I know what "hyperinflated" is), I will slowly sink until I am laying on my back on the bottom. Some form of movement, whether feet or hands, is needed to counteract this. (My brother, on the other hand, is a major floater. You could practically sit on him and he still wouldn't sink.)
That said, I still managed to panic when I went under. At no point did I think "Ok, if I hyperinflate my lungs, I can hold my breath for awhile and..." No. All there was was the raw panic and need for air. And I was quite aware that if I continued going under, due to the weakness in my limbs I would not be able to swim up to get that extra breath. Whatever was already in my lungs was all I had to go on. The power to take another breath was not in my control.