Extreme entanglement is rare. I do recommend having an EEZYCUT trilobite mounted on a forearm.
I've been entangled by the line from a spool. I didn't want to cut it. It was a mess, but didn't interfere with my finning. I have gotten entangled in kelp, but just stayed calm and cut with a small dive tool. You don't need a Rambo III BFK.
In general, stay away from popular fishing spots and you'll be fine.
As with any situation, stay calm, breath deeply, pause, then address the problem. You've got plenty of gas, no need to rush and burn through gas.
Humboldt squid on the other hand.....