How do you survive a sinking ship?

Assuming you’re not inside the ship/ferry when it submerges; If you know it’s sinking, is it better to jump off as soon as possible (and swim far away as fast as you can) or to wait until the ship gets closer to the water and then jump?

Two things to consider:
1A) Some ships are very tall, which would mean a long drop [which can still kill you (I’m not sure if there’s some kind of construction guideline in effect that considers that specifically, therefore keeping the drop-distance at a safe level)].
1B) If you have to jump from something high, do you dive, cannon bomb, or try to stay straight, with your feet first?
2) I would suspect that waiting puts you at higher risk of being pulled under with the boat (not enough time to get a safe distance away from the vessel before it completely submerges).

Also, if you do happen to get stranded because of a situation like this, should you just hang out and hope that someone finds you? I’d imagine that a distress signal would be sent out and alert an ERT.

*I haven’t considered lifeboats, so if someone wants to comment on that aspect, I’d be interested in listening (I’m curious to see the whole of a situation like this).
**You can thank me and anyone who gives a good answer if this information saves your life one day :)