Beethoven, fair question.
If a "long final" aircraft has the potential to conflict with your normal circuit, yes, extend your downwind, it's not worth the conflict, even if by some slim chance you could assert "right of way" to the runway. If extending is not practical, then yes, just fly a wide circuit without descending, and rejoin for your second attempt. As you will be above, and hopefully a little behind the other "long final" aircraft, you should be able to keep it in view. Your position confers right of way to land [first] to that aircraft - even if they have been discourteous with circuit manners. If you feel the need to express your concern about the situation, that is better done later on the ground, than in real time in the circuit.
Do not assume that an aircraft which is already not well positioned will suddenly get it right, and yield to your right of way. And, compelling them to do that could result in a worse situation overall, or worse, if they are emergency landing, and you don't know that. If you're aware, and in control, yield, and you maintain safe separation. If doing so has cause you to fly an unusually long downwind, which is not in conflict with other airspace/traffic, the aircraft which may be following you must allow for this, and follow you.
I hope that helps....