No. The captain's duty is to his crew and passengers, not to the ship itself. If people died in the accident, dying along with them will do no one any good. If people are trapped below, then by all means your duty is to stay aboard until they are rescued, and if they can't be then keep trying, even if it means dying with them. I see a huge difference in the two.
Did Dick O'Kane go down with Tang? Yes, Captain Smith chose to go down with Titanic (or did he?), but he was at the end of a long and perfect career, and may have felt a heavy responsibility for what happened.
A lot depends on circumstances, but in general I'd say no, it is not your responsibility to die just for the sake of tradition.
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