I'd take the longer route.

The water is cold. Very, very cold.

You also have a potential of going inverted. That means game over -- you'll never get your gear, passenger(s) and yourself out. Then you need to get everything together and in place. And we haven't discussed weather conditions yet.

All this work and risk to save 20 - 40 minutes? I suggest it does not add up.

(I know we haven't disussed the plane's parachute but I don't think it's an advantage over water)