In a boat with a functioning radio a mayday call is like you said, nearly immediate. In those instances I agree even a single person should absolutely use it to quickly hail for help before going after the person. All it takes it hitting the red "mayday channel" button and yelling into the mic for a few seconds. On a nicer boat with an expensive radio its even more of a no brainer, the GPS is hooked up to the radio and the mayday is automatic and will broadcast the mayday + GPS position to all nearby boats once the oh shit button is activated.
However I think there are a great many number of boats is disrepair, kayaks, shoredivers etc who would be hailing for help by finding their cellphone and dialing 911, waiting for an operator, explaining to them whats happening, and then relaying your position to someone who probably isnt totally familiar with the process. I feel like this factor changes the cost/benefit a great deal and makes it not so much of a no brainier when there is minimal "out to sea" danger. I have probably done far more diving without a working radio than with. This is the reason I purchased a nataulis lifeline and carry it with me while diving.
My point isnt so much that either way is absolutely right but rather the pros and cons of a specific plan need to be measured carefully against the factors and conditions involved, and a course of action should be tailored to those conditions. Losing a person in the middle of a glass flat currentless day 1 mile from the beach who has a float is quite different (and pretty much impossible in those conditions) from losing someone with only a reel in a ripping tide at sundown, in a boiling sea in the middle of nowhere that spits you out into bluewater.
The story Dan posted from Cam also shows that a drowning victim is not always out of the woods once brought to the surface. That you can basically drown after the fact due to poor lung function. For that reason having help waiting topside is another huge advantage to getting a mayday call out first.
I think this brings up the fact that a working turned on radio is an important safety device on the water overlooked by many. A cell phone is not a direct link to the coast guard/other boaters. Any working VHF radio with decent range is.