2) The Angels can spend the Shohei Ohtani money on other high-priced free agents
A rebuild is unlikely because this option still exists. The Angels might not have been able to land the best option out there, but they still have a ton of money to spend on the options that remain.
The Angels need to spend on starting pitching whether they keep Shohei Ohtani or not. Their rotation was subpar even with Shohei, and without him it's unimaginable. Fortunately, there are many players they can spend on.
The Halos can shock the world by entering the Yoshinobu Yamamoto sweepstakes. They've already shown interest in Cy Young winner Blake Snell, perhaps they can scoop him up. Even a guy like Eduardo Rodriguez would be a difference-maker.
Replacing Ohtani's bat would be even more challenging than replacing his arm. The best options out there include guys like Cody Bellinger and J.D. Martinez who, despite being great players, are obviously nowhere near the hitters Shohei is.
No, the Angels won't be any better doing this most likely, but it's a way for Arte Moreno to still keep his fan base at least somewhat interested.