The ball has to be reset, the offense needs to line up, the play needs to be established, the line has to be set, the ball has to be snapped.
That's a very, very tight window for 2 plays. It's possible, but that 2nd play is going to be extremely rushed.
The chances that rushed play results in a touchdown are less than the chances the 2nd down pass ends up being intercepted, which would make scenario 2 (throwing the ball) the more probable win.
I would have run the ball, but throwing it makes sense