No. There were two points. Firstly, a torus of ultradense matter is almost certainly unphysical. Such a torus surrounding the near-horizon of a black hole is

No. There were two points. Firstly, a torus of ultradense matter is almost certainly unphysical. Such a torus surrounding the near-horizon of a black hole is even less physically plausible. Secondly, the waterfall analogy only (and only barely) works for an infaller who starts outside an already existing horizon. But in a black hole formed by gravitational collapse there are inside-the-horizon observers (collections of particles, essentially) who never cross from the outside of an event horizon to the inside of an event horizon: they do not fall in any meaningful sense of the word past any point of no return. They are just in a region of the universe with no horizon and suddenly in a region of the universe with a horizon, and unfortunately for them they are on the much less comfortable side of the horizon (the inside). The events that trigger the appearance of the horizon can be at a substantial distance from these unfortunate observers.