Affects the Steam stable release, and also the Steam development build.
Starting the mission Wet Work, I had no diver suit, and could swim using only the slow "freestyle" swimming animation.
I then opted in to the development build in Steam, restarted the mission Wet Work, and the same issue persisted.
The issue seems to be the identical one reported here, which is stated to have been fixed in the development build, but my experience suggests that it is not:
http://feedback.arma3.com/view.php?id=19355
Again, the issue is experiencing in both the stable release and the dev build.