I have drowned twice during the new Shipwrecked Beta, once in an Encrusted Boat, once in a Cargo Boat. However, instead of dying and resurrecting at the touchstone I spawned to the nearest beach as if I had a life jacket on.
Steps to Reproduce
Both causes were possibly due to being attacked by Ballphins (or possibly by a Crockodog - one turned up as I was attacking the group of Ballphins) during Hurricane Season.
This issue has been closed either because it is not a bug or does not belong in the bug tracker.