Personally if I don't do it (or at least attempt it) I'll be wondering "what if" forever more.
I'm with the more positive brigade on this one. Given that you seem to have your eyes wide open, have the cash on hand and are not going into debt for it, and that you are considering the much cheaper modular option with some potential free/low pay hour building options afterwards, I say go for it.
Clearly the industry is in a situation the like of which we have never seen before. However so many pilots in the UK (I have found) are blinkered to the multitude of interesting flying roles outside of the airlines. Many of these roles have not been impacted by the pandemic, and while I wouldn't say they are easy to come by, they are certainly more of a possibility than an airline job for the foreseeable future. I completely disagree with the common assumption that 250hrs RHS of a medium jet is the only goal worth going for. In fact I think it's a very poor goal to have for a number of reasons.
If a student is just about to go into massive debt for an integrated course expecting that in 12-18 months they'll walk into an airline job, I'd say that's a very bad idea. But in your case, with eyes wide open, no debt, a relatively slow training program and a good plan to keep some form of flying going afterwards, I think that's a good idea.
Someone on this thread (I can't see who right now to credit) mentioned doing the single engine IR which is cheaper to keep current, and when you decide to get the multi, it gives you a chance to get proficient again before interviews. I back this idea. Consider even just doing the VFR licence - you won't be needing an IR to tow gliders or drop skydivers. Then when you see opportunities needing an IR coming up again, go do the training. (when I got my CPL it was a Single Engine, Day only, VFR only license! - I'm not sure if that's allowed in the UK tbh, but it's fine in NZ)
One final thought (again not sure about the rules around training in the UK, but this was fine in NZ) - consider getting a share of an aircraft. Though some of your flying might need to be through a school/club, much of your hour building towards the CPL can be more cost effective if you own the plane. C150 or similar shares can be had for £1000-2000 with hourly flying rates around the £60/hr mark and fixed charges of around £70/month. PM me if you would like details of where to find shares advertised.