If I need to hold my breath underwater for a longer period of time I'll hyperventilate on the surface just a little before diving. In my experience your lungs don't "burn" as quickly and so you can dive a little longer.
I've only taken the SSI training but I guarantee none of the different freediving organizations will recommend the type of breathing you are discussing, and in fact a large part of the intro course hammers home that you don't breathe that way.
This matters only because CO2 is what triggers your desire to breathe, but O2 is what causes you to actually pass out or not. So what happens is that you might pass out before you realize you need to come up for air.