You can't give him a $200 million guarantee with an opt out after 2027. That's way too much risk for the team and way too little for the player. There has to be a balance.
If that's your only choice, yes, you'd be better to let the 2 years play out.
You seem to be overlooking the possibility he might get injured or his performance might not live up to expectations-which could happen in 2025 or 2026, after you've given him the $200 million. Whereas if it happens with no extension, you've only lost $15-20 million or whatever.
Your scenario results in talking on mammoth risk for the sake of having 1 additional year of control.