Grady Whites are not unsinkable....you may be confused with the advertisments for boats like Ranger or Boston Whaler. Their boats are foam sandwich construction design where they combine two thinner fiberglass skins and make an oreo cookie out of it by injecting foam between them. In this case, the foam is actually a structural part of the boat as the thickness of the sandwich is what makes it strong and stiff.
Grady, and many other boats, builds single skin laminates that are much thicker in design and along with their stringer system, take all the load. The foam is put in place in areas that aren't used for something else, ie storage, and are strictly for added floatation purposes, not structure. If you cut the boat in half, like the bassboat commercial, you won't be able to stand in it like the guy with the chainsaw.....but it should float at or near the waters surface for you to hang onto for a while. A cubic foot of foam will have enough bouyancy for about 60lbs....if you do the math and calculate how many cubic feet can be in your boat, you'll see why it's not enough to do the job completely.