Looks like it's an easy decision then. It's hard to get such frank answers out of senior officers at the Academy some times... Maybe because it's been a while since their JO tour. Much appreciated!
These things change all the time. 2 year groups prior to this current one that FOSx2, I had a friend go to AFIT, spend a 2 years in flight school then be on the golden path to VP community CO, and decided instead to go the FTS route.
2 YGs later JAC has a squadron mate that went to PG school, went jets and didn't get through his first fleet tour until he was up for O-4 and FOSx2.
It's all luck and timing. The sooner you get to the fleet, the better chances you'll have the right timing to make O-4 and stay on the path to DH, XO/CO etc.
If you want a masters get a masters, if you want to fly jets, fly jets. Just realize that you may only get to be in the Navy for 10 years vice 20 if you make those decisions. If you're okay with that chance, there's always the reserves.
There's also a pretty good chance (roughly 50/50) that you won't make O-4 if you forgo grad school and don't select jets as well.