NO. You are wrong on all points except the last.
I mostly chat on RBW, and the audience here is a little different. So.
He was diving the O with a rebreather. I don't know any more facts that that. So speaking in general, not about that specific incident. Rebreathers are somewhat complicated devices, and unlike OC, just because you have gas, doesn't mean it will support life. One mode of failure is hypercapnia, too much CO2. This is scary. Think about a plastic bag over your head--plenty of gas, too much CO2. Your heart rate goes up, your respirations are very rapid. And its terrifying. If you have a weak cardio you die sooner.
I'm sure this will make all the rebreather folks livid, but rebreathers that don't monitor and alarm on actual, measured, out-of-bounds O2 and CO2 are just accidents waiting to happen. You need to know exactly what you're actually breathing, not just what you think you're breathing.
Someone said fitness doesn't matter in diving until it does.
Slip off the anchor line in a stiff current. Then have a reg malfunction. Fitness.
Have to drag your buddy out of a cave--fitness.
Eventually every body starts that long slide into "doesn't work so well". Even for people who exercise regularly, extreme stress and exertion in older people is a risky plan for handling an emergency. While fitness is nice, training and brains are nicer, since both continue to work long after bodies simply aren't safely capable of extreme endurance.
Get blown off a line? Shoot a bag, blow an air horn and wait for the boat. That's why they have motors.
Have a reg malfunction? So what? You have at least two and so does your buddy.
Have to drag your buddy out of a cave? If he's dead and you're not up to the task, leave him. No sense in both of you checking out on the same dive, and he wouldn't want you to. If he's alive and you're not up to it, you shouldn't have been cave diving.
Panic doesn't happen on the couch. It happens when things are bad, body is stressed, mind is stressed. The better you handle the physical stress, the better you will handle the mental. Take a deep breath, swim a lap underwater, try to do a complicated task, say turn a tank on and reg in mouth purge...The more relaxed you are the better you will do. And of course if you have drown before you got there...
Panic happens because the diver didn't recognize the stressors leading up to it, and/or didn't have a workable plan for handling the emergency.
While being physically capable in SCUBA is a great thing, not panicing is even better.
Again, if you do relatively low key diving its one thing. But even then, fitter is more relaxed, lower air consumption. You are diving with your kid, they swim off to look at fish, then panic. So you have to kick like crazy to grab them, then try to fix the problem...
Stay within grabbing distance and watch for signs of stress in your buddy and you won't have to "kick like crazy." You won't catch a runaway kid in any event. They're small, have lower surface area in the water, are in phenomenal shape and don't use much air.
Most diver mishaps are a chain of mistakes and equipment failures. And in my opinion, in the vast majority of them better fitness would have helped.
I don't mean to dump on you, but it's far prefereable to not have an emergency than to "power yourself out of it" and as the diving population ages, it becomes less and less possible.
If someone wants to be better prepared for SCUBA, I'd suggest better training, a better dive plan, better equipment checks, a great buddy and good judgement.
Terry