The current David Blaine episode made me research the current world record of Static Apnea, or holding one's breath underwater. It was achieved in 2004 by a German diver named Tom Sietas. In training, he was able to hold his breath for an amazing 10 minutes and 8 seconds! Here is a write up of this incredible diver.
https://www.apneamania.com/code/divers_sel.asp?diverID=134
Under normal circumstances, yes. However, the human body can adapt to such extreme conditions, or at least can be trained to do so. A condition referred to as vasoconstriction allows for blood to be diverted from the limbs to more essential organs such as the brain, heart and lungs. See this wikipedia document on free-diving for more information.
https://en.wikipedia.org/wiki/Free-diving