Wow. Just glad I wasn't there. Really glad I wasn't there and it was god forbid my wife or kid. Swimming out would have been the right move but if she knew so little that she jumped in she probably wouldn't have known to swim to sea and the reflex to swim to shore is strong.
I was on Ocracoke Island in North Carolina, 1 to 3 foot surf, fairly long period and not rough at all, and found a very strong rip current close to the beach caused by a rip in the sand. I decided to practice in it. The first time I went in and it started taking me out boy was that reflexive instinctive compulsion to swim to shore hard to overcome. It was momentary but even though I knew better everything in me just started swimming to shore. In that moment I realized how easy it is to panic and drown in a rip. Once I had control of myself I just floated out a ways, swam side shore then back in and did it a few more times - it was really fun actually. Then I brought both of my kids out one at a time and practiced with them, too. It was a great learning experience for all of us. In pools I also taught my kids to be a secret agent on a mission - let all the air out of their lungs, go to the bottom in say 4 feet of water, unzip a nylon mesh bag, take a couple of toys out of it, zip it closed and come to the surface with the toys, different things like that so they could learn to not focus on running out of air but to focus on the task at hand. And a lot horsing around and wrestling under water with some fairly short amount of hold down while wrestling, always well within their capabilities and never enough to scare but enough that they were comfortable with the unexpected underwater. I hope all that stuff will pay off some day if they find themselves in a bad situation.
But I never thought much about when do you go in to attempt a rescue and when do you not. Actually I never considered rescuer's danger really - so there's a big gap in my training.