Timing this would be problematic. Waves don't have a straight edge, suddenly popping you to lower or higher depth. They are hilly, the larger the wave the greater the area of the slope. To inhale at the perfect rhythmic moment that would have you at full lung capacity exactly as the depth dropped would be difficult to do even if you were trying.headhunter:But yes, the senario is just as you've described where one would be inhaling at the same time the wave was passing directly overhead. So you would go almost instantly to a shallower depth as the wave passed. It may in reality be only a 4 - 6 foot difference, but that is the main point.
As a kid, we used to dive Zuma beach for clams in 10' surf. As you approach a large wave, the surge sucks you forward toward the cresting wave, slowly dropping in depth as the wave builds before you until, crash, the wave breaks or rolls or boils over you. The fast change is usually from shallow to deeper, which is not a problem.