I was enlightened to read your interpretation, which Wikipedia indeed lists as a "more modern, alternative interpretation".

The prevailing interpretation is a directive to make a decision rather than dally:

https://en.wikipedia.org/wiki/Fish_or_cut_bait

That's funny, I'd always interpreted it as you can either:

- fish, or

- cut bait (slice baitfish into bait-sized pieces)

Of course, the latter activity is not fishing, merely fishing-adjacent.

Two distinct expressions that happen to share words. Is how I thought of it. Certainly in the context of the OP it seems he is not presenting an either or but a change course.