Pete,
Blimey, what a can of worms! It's all 'ifs and buts'.
I think that you have to consider the options: Life jacket, also called a life preserver or a buoyancy aid.
A life jacket is designed to be worn uninflated without any restriction to inflate, it will also turn you upright onto your back should you take a dive, great if you have been knocked unconscious They will also keep you afloat regardless of the weight of your clothing. They will make swimming difficult but then swimming should be done on your back , feet pointing downstream to fend off obstacles (Safe swim position). These are great for non swimmers.
A buoyancy aid does just that, it aids buoyancy. It is worn already deployed so gear can be worn over the top of it, I think generally they are rated at about 50 Newtons, which will keep you above neutral buoyancy so really you should be a swimmer. They will not right you if you are unconcious and the weight of your clothing will have an effect. If you are wearing a rucksack/Bergen, this will have the effect of turning you face down in the water as supprisingly, they are quite buoyant at least for long enough to drown you!
So there are your options. I am not one for the' Nanny state' but I do believe in informed decisions.
Sorry if I have gone on, but I can only base this on my experience as a Swift water technician in the fire service and of a good few years spent in the Army. Also, it is a good idea to carry with you a floating throwline of about 15m long if you fish rivers and please respect weirs, people don't understand just how dangerous they are (they can trap you underwater whilst spinning you).
Martin