Unlikely on both counts.
Don't think diver would be floating around in the cave, but even if he was, unlikely a lever attached to a loop hose would get pinned down somewhere to cause it break.
There's no "then attempt to get to a reg" after trying to close a DSV, closing a DSV means you cut off gas supply to you, so, getting to a reg is a thought that precedes the thought of closing the DSV.
You make the decision to close the DSV AFTER you made de decision to go open circuit, and you make a decision to go open circuit because you NEED to get off closed circuit, not being able to close the DSV doesn't eliminate the NEED to get off of it, whether you can close it or not you shouldn't keep you from spitting it out of your mouth.
Whether he NEEDED to bailout or not is speculation, I don't think there's enough information to know that.