Hamsterminator, I would say it depends on your other circumstances too. Do you have a job to keep saving up for an extra year or so before the result of the next FPP is known? If yes, well then you could always use the time to save up on top of what you already have to fund the modular route. And if you aren't successful in the next FPP, at least you will have some extra money to put forward for your flight training... maybe you could fund a TR or a CFI or something else to make yourself more sell-able. That way a year doesn't go to waste.
All in my opinion. I got kicked out in stage 2 of this year's FPP. I intend to work hard for the next year and save up to complete the fATPL and MCC by going modular. This will be my back-up plan if I don't make it into the FPP next year.
It really depends on whether you want to take the risk and matter into your own hands as opposed to sitting around for your entire life hoping that one day a cadet scheme will work out for you. Personally I wouldn't hang around forever. That's just me though... different approaches work for different people
(but it's always a gamble
)