Manager offered me return internship rather than SDE position due to hiring freeze, but I would need to delay graduation for it. Should I do it?

My manager made it clear that my org is not offering return FT offers, but that he would put "incline return" for an internship position if I stayed another year in school (or somehow delayed graduation until 2025).

I could just take random classes or another major to extend my time in school. I also could do a 1-year Masters program which I have already been admitted into. But I am an older student and would rather not stay another year in school. I also feel like I am learning very little in school (I go to a small state school). Compared to the ridiculous amount I learned this summer in the industry, I feel like staying in school for another year would be a huge waste of money and time.

I could potentially work Fall/Spring internships for the next year (so basically a gap year) to artifically delay graduation by a year as well.

Becuase I go to a small state school, getting interviews from Big Tech is extremely hard. We send about 1-3 kids to each FAANG+ company each year and I was only able to get 2 FAANG+ interviews even with refferals to every top company, a 4.0 GPA and relevent experience. Even getting actual SWE engineering jobs is really hard with most CS grads getting jobs labeled "SWE" but that involve very little coding.

Because of that, my worry is this might be my only chance to break into Big Tech for a long time (if ever).

So is it worth delaying my graduation for a shot at big tech? Or should I just graduate and start my career, even if its at a non-tech company (with potentially very little actual engineering work)?