A Chinese woman who was swept out to sea while swimming at a Japanese beach has been rescued 37 hours later after drifting in an inflatable swim ring more than 80 kilometers (50 miles) in the Pacific Ocean.
If float away you likely will drown. Your floater will slowly loose air, or you'll loose it, or the waves will be too high and engulf you in the wrong moments, or you loose consciousness and breathe water. My contention is you're less likely to drown without floating devices as you'll consciously try to stay in the shallow parts of the beach. Especially if you're someone who couldn't swim. I believe this is why we only ever took the floaties to the pool.
I cannot speak for all parts of the world, but from the beaches I know, Florida, this is never the advice they give - I’d bet this is dead wrong. A riptide current does not care if you are in the shallow or not. Having a floatation device not only helps you stay afloat, it helps you get noticed. Always bring a floaty.
“It may deflate” - I can’t swim for an hour, but I’d bet any shitty floaty will stay afloat for an hour.