If you have any source of water breathing, and you're wearing lurker armor, the lurker armor negates the other source of water breathing.

For example, a squid totem from Totemic, with an elemental affinity sigil from Blood Magic still results in water breathing, despite both of these sources providing water breathing.

If you're wearing lurker armor, and have a sigil of elemental affinity, you'll still drown. If you have a squid totem and lurker armor, you'll still drown, and if you have all 3, you'll still drown, because the problem is with how the armor tries to apply water breathing.