I'll add that when you do this exercise, it is important to take care to not have air trapped in the folds of the suit. But knowing the increments of buoyancy for your various pieces of gear is fairly important to being a competent diver.Scuba *with* fairly buoyant exposure suits predate BC's by many years. Rolling up your "1/4" wetsuit (with duck tail) and determining exactly how much lead was needed to sink it was common practice.
Examples are good to run through to provide perspective for those who may not sit down and go through the calculations themselves. Here is my example:
My 6mm wetsuit is about 15 pounds buoyant at the surface. Suits don't fully compress according to Boyle's Law, because the neoprene has structure to it and will provide a some resistance to compression. However, Boyle's Law will be a conservative estimate, slightly over-predicting the true variations in buoyancy as a function of depth. At 15 feet, my 6mm suit will have compressed to about 2/3rd its original thickness and the 15 pounds buoyancy at the surface will now be about 10 pounds buoyancy at 5 meters. If I dive to 40 meters, the suit will compress to about 1/5th, reducing the buoyancy to about 3 pounds.
If I plan to be neutral at the safety stop, not the surface, the maximum buoyancy variations due to suit compression I can expect to encounter during a dive at recreational depths is on the order of 7 pounds. This is for a freedive style wetsuit with farmer-john pants and beavertail + built-in hood, which provides 12mm of neoprene on my body core. That's a lot of wetsuit.
If I'm using a 17 pound lift wing with this 6 mm suit, I've got 10 pounds left over for breathing air before maxing out the BC's capability. That will accommodate a 120 ft^3 air tank. If I predict off a little bit, I've still got another 6 pounds of structured breathing enabled buoyancy control that I can tap into for a reserve. If I screw up worse than that, the options are to drop lead or swim out. It's not like there are no other options than to have massive amounts of reserve BC buoyancy, or die.
Suit buoyancy is not just a function of thickness. The size of the suit also matters. If I weighed 270 pounds instead of 170, that 6mm suit would probably have 23 pounds surface buoyancy instead of 15. This is why a 17 pound wing may work perfectly fine for me, but may be inadequate for someone else. Each diver needs to look at their situation to determine what will and will not work for them.