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The Periapt of Wound Closure's description says

While you wear this pendant, you stabilize whenever you are dying at the start of your turn. In addition, whenever you roll a Hit Die to regain hit points, double the number of hit points it restores.

Emphasis mine.

What happens to a PC wearing Periapt of Wound Closure while suffocating? I'd like to transport myself using a Homunculus and a Bag of Holding, but I worry about suffocating during the journey.

If I put on a Periapt of Wound Closure and enter a Bag of Holding, will I suffocate to death while inside? Or will the Periapt keep me alive?

The Periapt of Wound Closure's description says

While you wear this pendant, you stabilize whenever you are dying at the start of your turn. In addition, whenever you roll a Hit Die to regain hit points, double the number of hit points it restores.

Emphasis mine.

What happens to a PC wearing Periapt of Wound Closure while suffocating? I'd like to transport myself using a Homunculus and a Bag of Holding, but I worry about suffocating during the journey.

If I put on a Periapt of Wound Closure and enter a Bag of Holding, will I suffocate to death while inside of the bag or will the Periapt keep me alive?

Periapt of Wound Closure description says

While you wear this pendant, you stabilize whenever you are dying at the start of Your Turn. In addition, whenever you roll a Hit Die to regain Hit Points, double the number of Hit Points it restores.

Emphasis mine.

What happens to a PC wearing Periapt of Wound Closure while suffocating? I'd like to transport myself using a Homunculus and a Bag of Holding, but I worry about suffocating during the journey.

If I put on a Periapt of Wound Closure and enter a Bag of Holding, will I suffocate to death while inside? Or will the Periapt keep me alive?

The Periapt of Wound Closure's description says

While you wear this pendant, you stabilize whenever you are dying at the start of your turn. In addition, whenever you roll a Hit Die to regain hit points, double the number of hit points it restores.

Emphasis mine.

What happens to a PC wearing Periapt of Wound Closure while suffocating? I'd like to transport myself using a Homunculus and a Bag of Holding, but I worry about suffocating during the journey.

If I put on a Periapt of Wound Closure and enter a Bag of Holding, will I suffocate to death while inside? Or will the Periapt keep me alive?