Unsure if intended, posting just in case. Wearing the ring and swimming results in my hunger being drained incredibly rapidly. Let me know if more info is required.

It occurred to me that I am actually using the mod Exhaustion Tweaks, which might be related to it if it is not reproducible without it. Exhaustion Tweaks ports over 1.11 exhaustion changes to 1.10.2, so perhaps this is something to keep in mind for whenever Botania might update to that version in the future.