That is fantastic.. I love to hear stories like that.
As for your questions.. articles are often written where you are given information that leads to believe information that was not available... ie, they monitored the patient with whatever equipment. My guess is it was written that way to make the rescuers looks more heroic or something.
If this were me.. and I have proper equipment.. o2, suction, bp cuff... I would probably still wait for the ambulance. They are better equipped. But, like yourself, I was not there and do not know what fully happened. In some situations I would take them.. it happened before when I was with the FD and a FF went down and we tossed him into the back of our squad (used to be an ambulance and had basic bls supplies with o2). The ambulance was some where else and we did not wait for them. So, I suppose it depends on the situation at hand.
For a near drowning, even though I never experienced this type of situation, there is not much you can do for them besides giving them o2, treating any injuries and ready to suction. So, maybe I would transport POV if I had basic equipment and was in direct contact with the ambulance for an intercept.