I fully agree that waiting for unconsciousness is a very bad idea. Obviously it is an option of last resort. However from my training, I believe it to be a better idea than getting killed. And in my training it was suggested as an option of last resort if we had no other options and didn't feel comfortable making a rescue.
And yes, there are a lot of variables that come into play. For example my instructor once saw 3 people drowning in a river. She rescued 2 and let the third drown because she was developing hypothermia. (The story is that one broke through thin ice, the other two tried to rescue the first. The one who died was one of the would-be rescuers.)
However in general if you have the knowledge and experience to properly judge those factors for yourself, you should know more about drowning than my brief blog post.