That would be my interpretation. The regs state a "Missed Approach must be executed . . .". And if you read any IAP plate, it usually says something like "Track, climb" or "Track, at XXXXFT turn here/there".
My understanding is that in executing a Missed Approach under 1.10.1 (a) or (b), you must immediately track and climb as directed by the plate. However, I have been told there is nothing in the regs that strictly prohibits you from levelling out in the hope of breaking visual. The logic is that by levelling out, you are not continuing the approach, but rather conducting the Missed Approach by tracking for the MAPt and then climbing where indicated by the plate (dash line).
I guess this isn't an airmanship argument, but rather "if the regs don't say you can't, you can" type argument. I'm just curious what everyone else's opinion is.