Both normal and Glowsquids are affected. Normally, if a squid drowns, it won't squirt ink. But if it is punched shortly before or during, it squirts ink every time (and looses it's glow) it takes suffocation damage.
MC-212850
Squids squirt ink while suffocating, but only when hit first
Open
8
(Unassigned)
Community Consensus
Gameplay
Low
Mob behaviour
21w03a, 1.16.5, 21w11a, 21w13a, 21w14a, ..., 1.17.1, 1.18 Pre-release 1, 22w05a, 1.21, 1.21 Release Candidate 1
Retrieved
In 21w11a