Blackwood
Contributor
In a way I think it does play a part, Marc.
When divers are working on technical diving skills, one of the things they learn is to hover motionless in horizontal trim. That requires excellent trim and excellent buoyancy control.
Go out to a given depth and stick your legs straight out. You'll rotate up. Sure, you'll have a little gas expansion in your wing and suit due to it being slightly shallower in the water column, but you should be able to hold that depth regardless of your body position (i.e. "trim").
I can flap like a bird on a deco stop without significantly sinking or rising. Similarly I can move my hands from my default position to my sides, across my chest, etc. without losing vertical position (at least within my own buoyancy control envelope which may not be as tight as some

It seemed to me that the thought in the OP was that flailing arms/odd arm position causes poor buoyancy control, something I disagree with. If related at all, the flailing of arms is caused by poor buoyancy and body control, not the other way around. Maybe that was the point, but if so I'm slow in getting it

From a trim standpoint, it's really easy to compensate for arm position with leg position since they're heavier and longer (and thus have a greater affect on trim). Compensating for leg position with arm position is not nearly as effective.