I think that the "cranks" you're talking about are the vent valves that allow air circulation between compartments inside the submarine, which are normally left open in order to allow the air purification equipment to provide clean air to each compartment and remove the stale air.
If a leak from the outside occurs in one compartment, these valves would allow it to flood the entire submarine. Therefore, it is best if the valves for that compartment can be closed, which would allow the rest of the compartments to continue to operate normally. Second best is to close the valves of all of the other compartments, which will allow the air system to flood in addition to the affected compartment and prevent all compartments from getting new air. In this case, it is necessary to surface ASAP.
However, in deep-water events, all of this is for naught, because the bulkheads between compartments are not nearly as strong as the pressure hull, and they will fail regardless of the state of the valves. The only way a crew can survive for any significant length of time is if the pressure hull is still intact. Anything to the contrary you see in movies is mostly "dramatic license".