All else being equal, yes - look up Froude numbers and Reynolds numbers (and be prepared for some detailed reading). However, all else is never equal, and there are some very good divers who happen to be short.
In practice it will depend heavily on how you choose to swim/dive, since the advantage enjoyed by taller people is related to drag, which can be increased by poor body shape, wider fin strokes and increased speed. An aside: I'm not sure whether anyone has bothered to determine through fluid mechanics whether finning in bursts is theoretically beneficial, detrimental or neutral. I think that's probably quite a complicated question once the breath-hold is taken into account and may ultimately come down to how a diver feels during their dynamics.
Note that the Froude number relates to wave drag, i.e., to objects travelling along/through/within the surface of a fluid (or the boundary between two fluids - and note that air, as with other gases, is a fluid). However, it also applies to objects in motion in proximity to a surface, i.e., submerged but not very deep. A simple way to think of this is that if the diver is causing the surface of the water to move, they are close enough to it to experience wave drag. That's a nice little experiment for the pool, actually: work out at what depth your dive technique causes wave drag and seek to reduce it.
Sadly for me I am both short and rubbish in the pool. Good luck with your diving.
(Note that I am not a professional diver, but I do know a little bit about fluid mechanics.)