I don’t think so. You’d feel the carbon dioxide building up in your muscles over time, it would be awful. That and the mind-destroying existential terror. I’d take the sudden crush depth exposure, thanks.

The peaceful death you are talking about is from lack of oxygen, but when you're in an enclosed space, there is CO2 buildup, and when you get too much CO2 it makes your blood slightly more acidic, which makes you feel an intense urge to breathe and you'll die before running out of oxygen. That's a terrible way to die.