My paddling has been in kayaks, rather than canoes. Kayaks have a sealed compartment that contains cargo when the kayak goes belly up, a routine event. Can't you secure cargo in a canoe so that it remains in the craft?
I like the way you have rigged your PFD - very similar to the way I equipped mine - keep the critical gear close at hand.
Hikermor & canoedogs method of having some key gear on your PFD is a good idea. One issue is that if you capsize in windy conditions, the canoe or kayak can easily blow away down wind faster than you can swim to catch it. Even if your gear is secure under the kayak cargo hatches, or lashed down inside the canoe, you might find it floating rapidly away from you.
Assuming you manage to swim to shore, you could then find yourself with just the gear in your pockets and on your PFD. The trick is finding the right amount of gear to attach to the PFD. You want to have enough to survive, but too much hanging on your PFD can get in your way, and make normal paddling a pain in the rear. Also, too much stuff on your PFD can make a kayak paddle float re-entry harder to do. As always, one wants to find the "Goldilocks" point: Not too much....not to little...Just Right!