This thing could be on my next shopping list - most of the time a slim bouyancy vest, but you can pull the rip cord if you like. So swimming is fine.
mustangsurvival.com/products/khimera-dual-flotation-pfd-md7183?srsltid=AfmBOooIW-D44FWvCWe_Rxj5sqS7v9Xj108C7r7KGmUPJjVj4n_EYZHIMy worry about lifejackets comes from watching a few of my fellow racers with lots of guff on their bodies. I once watched a really good Laser sailor (who went on to represent Aust in Solings) have to pull out of the race after his Laser drifted downhill faster than he could swim in his bouyancy vest, spray jacket, sailing boots combo. It made a big impact on me when training offshore for the Laser worlds way back in 1986. Back then I used to sail in a southerly to Bondi and in a noreaster up to windward. Full steamer wetsuit but no bouyancy vest, no shoes and no spray jacket. And when I was practising gybing, man did I hold on tight to the mainsheet when things got shaky. Never got separated from the boat though.
Same thing has happened in sailboards. My Mistral broke its universal in a nasty westerly when I catapulted. The board pointed downwind and was going fast. I had to sprint for 20 metres before I caught up with it. Hard to balance the needs for flotation with ability to get yourself sorted.