Stay afloat seems to work pretty well in the videos, for cracks, leaks, and small tubing, But I don’t think it would do anything for a fist sized hole, if you hit a submerged object like a tree, or shipping container.
Seasick mentioned flow rates. In the Navy, every sailor is a fireman, and one of the first things that happens after boot camp is firefighting school, and damage control school. When they shut you in a compartment, turn off the lights, and turn on the water, you learn about flow rates in a hurry.
For most people who hit something in the water, the first reaction is to stop the boat, go forward, and try to assess the damage. A better approach might be to keep the boat moving at a speed which allows you to run at a maximum bow high attitude, and do as much damage assessment as you can while still moving. If you’re holed, you might have to run that way, or even in a tight circle until help arrives, if sea conditions permit. Or, you have to be able to plug the hole, and stop the water in a hurry.