Given the current circumstances I would go modular. It will take a good 12-18 months for get through the theory so you can see what the market is doing and pace your training accordingly. If you can afford to do the flying then treat it as a fun hobby which at the same time will develop a whole number of persona skills and your character. It’s not easy but I did it alongside a full time job and raising a family and still enjoyed it.
Clearly the outlook is not exactly great and while there will be losers there will be some opportunities and therefore some winners. I’m sure some airlines will get rid of some ‘dead wood’, other pilots will retire, lose medicals etc. Also new cadets will probably be cheaper to hire than experiences pilots so I live in hope.
Regarding age, I was not that long ago in a RYR assessment with a chap in his early 40’s with no flying background and I'm not far off that age albeit some FI experience. Suffice to say we got straight in and all successful candidates have been recently notified that our employment offer still stands although TR’s delayed. Of course I am remaining cautious and struggling to see it happening but I remain hopeful. Fortunately I have a decent job to pay the bills, so my final piece would be to seriously consider a back up plan and perhaps put the same energy into that than any flying training.
I would also take most comments on here with a pinch of salt, and perhaps mine also, but we have to hope and keep our dreams alive!