No, but we should wrap this dude's head with tinfoil.
Geological history is full of ocean level rises and falls, and I doubt that has anything to do with water sinking down into the Earth - our planet tends to sort things out by density, given a few million years here and there to do such.
When The Earth Dried OutAbout a billion years ago, the continents emerged relatively suddenly from an ocean that covered 95 percent of the Earth's surface, according to a new theory by Eldridge Moores, a geologist at the University of California, Davis. The appearance of large masses of dry land would have caused more extreme weather, changes in ocean currents and the emergence of proper seasons. In turn, these environmental changes may have led to rise in atmospheric oxygen that enabled the explosion of new life forms around 500 million years ago... In the early Earth, the ocean crust and the continental crust were much closer together in thickness, Moores said. That means that the difference between the height of the ocean floor and the height of the continents was much less. The oceans would have been much shallower, and the water would therefore have spread much further across the continents -- covering 90 to 95 percent of the planet's surface, instead of the present 70 percent. Many geologists agree with this scenario, Moores said. What is controversial is how quickly the Earth changed from a planet covered in water with a few mountainous islands to one with large continental landmasses. According to Moores' theory, the continents emerged quite suddenly, over about 200 million years... also implies that over time, the way plate tectonics works has changed.
Science Daily
February 11, 2002