What does your training contract say with regards to employment with easyJet once finished with the course? Do they have a clause to completely drop you?
It is a tough situation to be in but I don't think carrying on with the course is the worst idea. Provided you do finish the MPL with easyJet SOPs etc. and they keep you in a hold pool once finishing your training then chances are you'd be near the front of the queue when recruitment does start up. I would think Ryanair and easyJet would be the first airlines to recover and start recruiting again, by going modular you would have a fair chance at getting Ryanair but you'd be giving up the (not guaranteed but as good as you'll get at the moment) place with easyJet. Although this has been changing recently, easyJet haven't been that keen on taking cadets from schools other than CAE, L3/CTC and FTE. I would think cadets in the easyJet hold pool will still be getting jobs faster than a modular pilot finishing at the same time. You could also go back to working your previous job while waiting for a start date.
By going modular you would save a fair bit of money and it would give you greater flexibility but I would think staying on your course would probably give you a higher chance of getting a job and would get you one faster (provided easyJet don't go bust). Could you discuss with CAE whether you would still be tagged if you went ATPL?
easyJet know that if their MPL cadets were to end up with a 'worthless' license then they'd never be able to run another MPL cadet course and that's something I think they will try hard to avoid.