A horse collar type BC is not a snorkel vest. When using a horse collar buoyancy compensator it was put on first so that it was below the scuba harness and the weight belt of course went on last.
I have already put this pic in once during this thread but here it is again. Notice that it has a pull dump, an over pressure valve and a power inflator. It also has a CO2 cartrdge for emergency surface inflation. This unit will indeed float an incapacitated diver face up with the airway clear of the water when fully inflated and with the weight belt dropped. The snorkel vests that are given out on snorkel cruises are not a BC. However, way back, my first such device was simply a army surplus purchased Mae West life preserver. This is a military unit from SeaTec, the USD emblem was sewn on for fun:
Do not confuse those snorkel vests with a horse collar buoyancy compensator. My wife is seen here in 1979 with a Dacor SeaChute horse collar BC. it has a twin bladder design where the upper bladder was oral/CO2 inflated and the lower bladder was inflated using a power inflator and LP hose:
When giant striding into the water there was no need to hold the horse dollar BC down as the harness for it was underneath the scuba harness and weight belt and thus quite secure. It was not a universal practice then as it is often thought to be now to inflate your BC before entering the water, think about it! It was only relatively recent at that time that we even had a BC to inflate upon entry! And I still do not no matter how much chastising I get from whomever to inflate my BC upon entry