Oh lol! That's makes more sense!
I went down there before getting Water. I couldn't get back the way I had come, and since I'd touched then save point I could only respawn there, so I thought I was soft-locked.
The double jump over that lava IS possible, but pretty precise so I almost rage quit. After getting the Cloak and then dying trying to get back, I realized that you keep it, so it's all good!