Earlier quoted context omitted.
Ah the wisdom has changed. This was more often taught when I was younger, which yes, was quite a while ago. The warnings given then were don't go for depth with this method, exhale occasionally while underwater, and manage your breath again immediately on the surface.
Interesting. Got a good source? I should definitely look into this again.
I've only taken the SSI training but I guarantee none of the different freediving organizations will recommend the type of breathing you are discussing, and in fact a large part of the intro course hammers home that you don't breathe that way.