Yes. And because the ship is huge, it's going to take some time for the water to fill it up.

@pingers It's not like a submarine unless it's airtight. The pressure inside there is still very high but can be withstood by the body. If you watched the video, you can hear that the voice has become very high pitch. Seeing as the divers who rescued him did not need any special equipment to dive, it's clear that the pressure is not fatal as long as the change wasn't too sudden; which is expected since the ship sank slowly.