No, sinking ships don't create "suction" that pulls people down with the ship. What occurs when a large vessel sinks rapidly, however, is that a significant turbulence is created. Much of that turbulence can be attributed to air rising rapidly from submerged compartments.

Should you jump off a sinking ship?

If you can't jump into a life boat directly, aim for deep and clear water, and be wary of obstacles, like propellers. This applies to jumping off a small boat or a large ship. Try to jump from the part of the boat that is closest to the water. This will help prevent injury from jumping in, as you can ease in.

What happens to a ship as it sinks?

The material comprising a boat is more dense than water, thus is less voluminous than the displaced ocean. This displaced ocean volume will be realized as a rise in ocean height. However, once the boat sinks this volume of water is no longer displaced and this will be realized as a sea level fall.