What you’re describing is similar to the leading theory for what happened to the USS Thresher. Flooding occurred and then when the sub went to emergency blow its ballast to surface, ice formed in the piping blocking the pressurized release of ballast water, causing the sub to sink uncontrollably. There’s a good gif doing a better job explaining it on the wiki. Interestingly, the evidence used to determine this theory was gathered by Robert Ballard the famous oceanographer who then went on to be the first to find the remains of the Titanic. It all come full circle!