My job surprised me with two options: PIP or agree to a mutual separation. Which should I pick? Based on the details the mutual separation seems best.

A ton of posts on this subreddit have reenforced the idea that, if you have to choose between getting fired or resigning, you should almost always let your company fire you. If you get fired you can still apply for unemployment, and potentially get a severance. Since prospective employers are unlikely to learn that you've gotten fired, it isn't a huge barrier for finding another SE position.

I thought my boss was going to give me the choice between getting fired or a forced resignation. Turns out it wasn't that simple: I was given the option to attempt a PIP—a guaranteed death sentence—or agree to a mutual separation. The company is offering severance for the mutual separation but no severance if I—inevitably—fail the PIP. Though I'm currently double checking, it also looks like I can still get unemployment benefits after a mutual separation.

As you can see, it's not quite the same as the classic "resign or get fired" scenario. Should I agree to the mutual separation, or should I pretend to attempt the PIP while looking for new work?