Yes, it gives way, but not in a second. It takes time. It is related to the internal structure of the metal that makes the pressure hull. A fault in the metal can doom a submarine. Pressure does the rest. It also depends how much pressure is applied, and for how long. Too much pressure, like 300+m depth will work faster then 210m depth.
What I am trying to say is that pressure is forcing water in and pushes against the pressure hull. In order for the hull to fail, it needs to fail at resisting the push from pressure, not at failing to prevent water from comming in (with the mention that water comming in has to be equal or lower with water pumped out). So this bring us to the point where that crack causes a fail in the pressure hull. If it doesn't, all is ok ... for the moment.
Look at this. The beam first bends, then cracks, and lastly fails. It takes aditional pressure before a weakened structure fails. Same is on pressure hulls.
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