Not at all, SRS is exactly that, its supplement restraint system, ie designed to work with, not instead of, which is exactly why you should always wear a seatbelt.
If you're not wearing a seatbelt and the airbag goes off its likely to seriously injure or kill you. This is why the system isn't active when the ignition is off, because most of the time when sitting in a car without it being driven seatbelts are often left off etc, and you may not be sitting correctly, as you would be when the car is in motion.
You cannot compare it directly with life jackets, because as has already been mentioned, these only activate and inflate when you hit the water - no different to airbags, only inflate when the car is 'on' and you're expected to be sitting properly and wearing your seatbelt.
You wouldn't expect a life jacket to deploy just as you've zipped it up before you hit the water would you?