For any watersport, be it diving, snorkeling, canoeing, kayaking, I have a fixed blade first, if for no reason other than being better/stronger in an emergency---far more reliable pryer, no having to get it open in a panic, no joint to break or fail, and a better handle because I can custom wrap it if necessary. Preferably, it'll be double edged and sharp, half serrated, and have a good strong point.
I'm not one who has been swayed into a blunt edged, rounded tip kiddie knife because I read of some canoeist sticking themself trying to cut free of a line in Maine or a kid in canoe camp slicing a finger. If ya gonna end up stabbing ya PFD, so be it. You won't do it again.
Why carry a folder when weight or space conservation isn't really an issue for the average person underwater? I can clip my dive knife/sheath anywhere you can clip a folder. If I carried a folder underwater anywhere other than the local swimming hole it would be more as a novelty thing than a goto blade.
If I'm taking a knife I'm taking a knife. A real one. As far as multi-tools in knives clothing, If I want a specialty chisel-bar that said "Knife" on the box it came in I'll take it in addition.
I wonder if the diver in the pic on the first page didn't also have a fixed blade somewhere handy when he was down there. I would be surprised if he didn't.
I'm sure that Spydie Salt and others are good knives and that a lot of people have fun carrying it while splashing around at the waterpark or in an array of water activities.
Personally though, when I think '
dive knife' I think fixed blade.