Airline pilot here.
At most, you’re about 3 hours from an airport at all times. Usually it’s more like 1-1/2 to 2 hours. However, from the point of fuel exhaustion, your glide time to splashdown is more like 20 minutes.
So it’s critical that fuel leaks (or underfuelling before departure) be detected very early to have a safe outcome. A LOT of attention is paid to this issue throughout every oceanic flight.
The bailout idea is nuts. The lowest & slowest we could safely fly over the ocean surface (with power) is maybe 50 feet and around 140 knots = about 160 mph. Jumping off a 5-story building into a pool would cripple most people. Hitting the water with 150-ish mph of lateral speed as well would make double-sure they’re dead.
If somehow you survived, do you think the airline life jacket you were wearing would still be around you, and do you think it’d still hold air when you pulled the inflate tabs? I’d be amazed if you have any clothes left on at all, much less that floppy, baggy, life vest.
And if folks jumped & somehow miraculously surfaced uninjured with life preserver intact, we’d be leaving a string of individuals floating there hundreds of yards apart. At 1 jumper per second we’d be dropping them at 250’ intervals across the sea. At one per 5 seconds they’d be 1/4 mile apart. The tightest circle we could fly would be maybe 1-1/2 miles in diameter, so even an effort to keep everyone in one group would be a huge area compared to how far folks can swim in the ocean in clothes. 150 feet is farther than most adults can swim under those conditions, even ignoring hypothermia.
The rescue forces would have a very hard time fishing 200-400 individually floating people out of the water and over time the group will disperse. Also, there’d be no way for anyone to get out of the water. Even in the tropics, fatal hypothermia will set in within a few hours; in colder climes, within minutes.
Conversely, a ditching is NOT a guarateed all-hands-die situation.
On a nice sunny day I’d rather land on the Pacific itself than on a Pacific island. Choosing between the North Atlantic and coastal Greenland in February would not be an easy choice, but if the land isn’t farm-field smooth, the water’s the better deal.
Nevertheless, in a ditching in good conditions, most people will be alive and essentially uninjured when the noise stops. The cabin will be essentially intact, seats and belts will hold. The deceleration is well within what your body can stand. The plane will probably break in two someplace, and the unlucky folks right there will be killed, but 5 rows away they’ll be fine.
Then we have a few minutes of float-time to get out the rafts, get people loaded, and we’ve got a whole group to work together & tend the walking wounded. That’s the plan and it works. There hasn’t been a jetliner mid-ocean ditching (yet), but all the pieces have been tested in one mishap or another and all work reasonably well.
We’ll kill 10-20%, injure another 10-20%, but everyone else will survive to fly another day unless we splash down in a raging storm or in Arctic conditions. And even then, it’ll be the post-landing conditions that kill the majority, and that’d be the same or worse risk for any bailouts.