This is what I never understood. If you can hold your breath for approx 2 minutes how can hypoxia take you out in seconds? I guess that while you hold your breath the air supply in the lungs keeps you going but if there's no air in lungs you pass out fast.
Golfer described it pretty well, I myself had to do a couple of flights as low as 17/18K without oxygen, and despite the head hake was fairly fine, but I realized that's as far as I'd want to push it, doing my charts revision was .. painfully inefficient.
The way I see it, your body/cabin air pressure is much higher than outside. When you are exposed to rapid decompression initially the very low outside air pressure becomes the cabin air pressure. All the air inside your lungs follow the laws of physics and leave your lungs to equal the pressure. See it as cruising along and being punched in the guts then thrown into a swimming pool with two drumsticks showed into your eardrums ... and you have just a couple of seconds to find the 'scuba gear'.

God knows what happened to this poor fellah. 421s have a cabin altitude warning light, that helps for insidious decompression if it's sneaky enough that your eardrums don't pick it up. My wild guess

is when he reached for his oxy mask maybe it was nicely packed up in a bag ... maybe he didn't have a mask but just a cannula ... maybe he had a mask but the oxygen bottle was closed. God knows, for even more "out of my butt' guesses, seeing his flight profile looks like he was in cruise when it happened with at least the autopilot on heading, but since he did a series of climb and descents after a while I don't think he had the altitude hold, just the "pitch hold'.