The answer is probably no. A standard recreational scuba regulator is not water tight unless, as mentioned before, the diver is consciously holding the regulator in their mouth with a good lip lock on the mouth peice. Just having it held in the mouth will not effectively keep water out of the divers airway. Also if the scuba mask is lost during the incident, the scuba regulator will not keep water out of, or air into the divers nose.