This situation sounds significantly different. To be fair to Ryanair for a change, the Valencia emergencies were declared AFTER a significant amount of holding AND a diversion across half of Spain.
Perhaps the CAT 1 alternate was not CAT 1 as advertised and it wasn't worth diverting to.
Whatever the events leading up to this situation, you have to play the cards you have in your hand at the time. If getting on the ground means declaring a mayday and landing below minimums then so be it.
Job done. Everyone safe.