It's an interesting scenario which has probably been used many times as a training "discussion item".
IMHO there isn't really a wrong answer to this as it's down to the discretion of the crew and how they feel about it at the time. You have to balance the probability of an explosive decompression occurring during the rest of the cruise segment (extremely low) with the risk to the airframe and occupants should this happen (high). If you have a source of supplemental oxygen, like a bottle and mask, it reduces the risk somewhat but it's not going to provide anywhere near the 100% O2 concentration, pressure breathing and protection from smoke/fumes that the aircraft system can. You can use smoke hoods with their own oxygen supply but it makes the aircraft operation more problematic than it could be. A half-way house could be to descend to an level where a portable O2 set will sustain you while you complete the descent to a breathable altitude.
It's somewhat akin to the old MEL/QRH divide: the MEL expects a further failure but the QRH doesn't. On the 777, a "CREW OXYGEN LOW" advisory indication has the explanation: "Crew oxygen pressure is low" but doesn't go on to say: "land at nearest suitable" or "descend immediately". The MEL does not allow dispatch below a certain pressure.