I would interpret it to mean that the
procedure designer may choose to employ a racetrack, not that the pilot may substitute a racetrack at his discretion.
But, imagine that this chart was from an european airport.
Well the problem is that the barbed arrow is not employed in that way for European approaches. You fly what's drawn. Where alternative procedures are envisaged, they are drawn or at least included in notes. And invariably when arrivals from intesections like ANGEE are charted, a convenient procedure is provided. Can you find a counterexample?
Worth looking at PANS-OPS Vol I Figure I-4-3-4. Example of omnidirectional arrival using a holding procedure in association with a reversal procedure. It clearly states "Sector 2: [the 300 degrees that don't allow a turn of less than 30 degrees to the outbound] Arrivals from this sector must enter the holding prior to the reversal procedure".