This is a difficult question to answer as no one can really tell how anyone else breaths UW, and what is important is that each individual needs to breath in a way that provides O2 in adequate amounts for their needs.
It maybe better to ask how NOT to breath as there are some ways that are going to result in problems.
Do NOT hyperventilate.
Fast shallow breathing is a no no, which is similar to hyperventilating.
Holding your breath is a NoNo, but if you keep the airway open, a failure to always to be inhaling or exhaling is not necessarily dangerous.
Personally I breath more as my buoyancy dictates vs. about anything else. IOW's, as someone who is often with a camera in hand, I breath in such a way where my buoyancy is maintained. That may mean shallower breathing than if I want to attempt to maximize air consumption.
In general I breath in and out VERY slowly. My instructor who was a very experienced diver said about 4 seconds in, and then 4 or more out. I don't really worry about if my in or out takes X amount of time, but I do breath slowly, and somewhat deeply.
Over time it's something that you just forget about. I used to concentrate on how I breath, but after about 75 dives, I stopped thinking about it much. If I'm on a deep dive, and want to conserve air, I do sometimes make an effort to breath slowly, but really not even in that situation much these days.
If you start to feel panic at depth, DO concentrate on breathing. Slow, deep breaths, and fill the lungs. Yes it may impact buoyancy to some degree, but it takes a few seconds for a full breath to start an ascent, and generally one can release a breath before it dramatically impacts buoyancy.