Thanks for sharing the videos! I noticed the guy in the second video is definitely holding his breath. One thing they taught in the class is if you hold your breath while scuba diving you WILL die for sure. But that was another thing I thought they taught that wasn't totally true. I bet you could stay underwater for over two hours if you hold your breath and take air as needed while staying at a constant depth?
It also looks like these guys are super deep (based on the colors). Another thing they taught was colors are less vibrant at deeper levels which I never really thought of before, but looking at my red anchor in the previous pic you can see it doesn't look so red. I don't think this technique would work at a shallow inner reef depth of 30' or so.
Yes different colors of light disappear at various depths. It is not really a good way to judge depth in videos though as many other factors affect what you see. For example of someone uses color filters, is under an overhang that reduces the available overhead light, is using lighting, cloud cover etc etc etc.
No you will not die if you hold your breath at a constant depth. The problem is that if you hold your breath while you ascend you could get seriously hurt from lung overexpansion injuries. Instructors try to teach you good habits that will work under all conditions until you develop more experience and knowledge.