Think BEagle and Tay Cough have the essence of this thread.
You've earned a unique opportunity, but only you can decide whether you want to seize it.
IOT is obviously a triage situation, HMG wants to wash out the non committed, so you are right to pause before you step up. A burning desire to fly obviously helped many to overcome the vicissitudes of the program, but it is surely not essential.
In your case, the question is what are your other choices.
It seemed that you have good university prospects, but no massively better option.
If you had a link to a strong academic advisor, who could map out an alternative route for you, the choice would be harder. But as is, you're in a super select group, many of whom probably have similar concerns and doubts. That is a good set of associates to have. So recognize your good fortune and try your hardest to maximize it. Not many will have that option.