Correct. The strain energy stored in the Hull, the energy stored in the compressed water, everything, was all put there by the weight of the water column above. Its far easier to that one calculation.
The velocity of sound is the velocity of the pressure wave in static water. We are not counting on any pressure wave to move through the water to distribute pressure to adjacent water particles. All of the energy is in the exact spot it needs to be in to be released upon implosion. All the water involved in the implosion was initially pressurised to the full 5200 something psi. No pressure wave traveling at sonic velocity had to be added. The simple removal of the CF shell counteracting the existing 5200 psi, unbalanced the pressure on the adjacent water particles, causing the 5200 psi on those next particles to accelerate into the void left by the shell, accelerating the collapsing shell further inward as well. That happened faster than sonic velocity, thereby no pressure wave traveled outward to even slightly resist the 5200 psi on any adjacent particle, causing them also to accelerate, with their full 5200 psi now unbalanced pressure, inward. No outbound pressure wave is started until water from both sides of the CF tube impact at the centerline, causing velocity to zero. That KE is then converted to pressure wave that can now travel outward, since the imploding water has come to a stop, no inward velocity now allows the pressure wave to begin its outward journey and to start pushing water particles in the opposite direction.
Assuming the CF shell shattered and the titanium ends simply came off the shell intact, nothing was compressed, all of those bits retained their individual original volumes, none of that total material volume ever displaced any water, so none of it was part of the energy released, ie nothing vanished into thin water, so its the inside diameter that defines the space available for energy extraction.
--Einstein gave the same test to students every year. When asked why he would do something like that, "Because the answers had changed."