Antic81,
On cargo aircraft - yes. On pax aircraft - well, the "rubber jungle" would drop, so each activated PSU would contribute to the oxygen content of the cabin. When the PSU runs out the O2 levels would drop back to ambient, but then the punters would not be around to congratulate the crew on their airborne firefighting skills

And in order for it to work you'd have to stay up at high level - not something I'd be very big on doing if a fire had broken out.
So it appears there is only one solution - emerg. descent and put the aircraft down somewhere ASAP. Land is a benefit, an airport with FRS a luxury. Re. the ditching - that's prolly the worst decision you can be faced with as a captain, 'cause you know that less than 50% are going to survive the first 5 minutes in the water - but what to do? Just hoping for the best as you race towards the nearest airport another hours flight away sounds like 0% survival rate to me, whereas a couple of people might survive in the water until SAR arrives
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