To be honest, I think the other party has terms mixed up. I am digging up GCSE physics here, but the attractional gravitational force of an object involves squaring. So an object twice as far away from the object experiences only a quarter of the force.
In theory moving under sea level increases gravity, however water is around 800 times denser than air, so the body will have more support. I would say that environmental factors such as food supply and possibility of predation affect the size something gets to more than anything.
To grow that big there must be a fairyl large supply of food somewhere at some time to enable that size to be maintained. Generally the larger animals either eat large prey (think Great White) or eat huge quantities of small prey (think Blue Whale).
Looking at the Squid I would say they are not designed for the mass filtration of planktonic life, and I would be surprised to see enough plankotnic life at that depth to support such large creatures. This would then raise the question of what they are eating. I would assume they are eating other deep water creatures that are of a similar or slightly smaller size.
But then our understanding of the real depths of the oceans is so limited we have very litte idea of what really goes on down there.