I don't think it's degrading to choose the blue pill if it would be analogous to remaining innocent like in the movie Pleasantville; a static content state of oblivion. Different people have different degrees of tolerance for pain. I'm not ashamed to admit I have a low one and am not a courageous person. It would only be a less honourable choice because we experience the character building of the extended dimension of pain, as if the red pill is attached to a sentiment, however participating in a gallant battle because you have no other choice but to alleviate pain to me is incomparable to a world which some have wished God would've sustained; that perfect sheltered Garden of Eden, which could've refused the creation of suffering and conditioned free will to a safer axiom. I don't feel as though the red pill dimension gives us more liberating free will, only more options and obstacles to find and navigate our intrinsic motivations through; a more turbulent route to realise ultimate choices being only what the blue pill would've wanted if it knew and was subjected to the full extent of its deprivation- value of truth. Otherwise it doesn't have anything to lose unless it can speculate about what's greener on the other side, which my reference point, Pleasantville wasn't subjected to until the red team intervened.
My post is rambling around because each pill could entail different things. :tape:
If the blue pill discovered its reality was a lie could it still speculate about what reality could be, the same way the red pill just has more evidence to evaluate plausible certitude from? Before you make the choice, would you know whether you'll have the option to eventually return to the Matrix? (haven't seen it, meaning to, just been living under a rock). Can you even assume the red pill entails objective truth when it will be implemented through relative perception? I'm silly, I interpreted the op referring to 'what is' being the
state of our world today vs oblivion because my notion of ultimate reality as I conceptualise it isn't something to fear (enlightenment) so I thought it would've been too easy a choice since we're already aware of suffering now, objective reality may give more insight into global solutions. If the red pill immediately distills all delusions of course, that's the pill I'm alive aspiring to take!
I don't necessarily perceive a duality between the two pills like some people have pointed out- sometimes all we know is that we don't know, so what we reason with the red pill can delude us just as much as the blue pill, the only difference being the red reality is not immune to pain.

Can't the red pill provoke you to amplify your reality into wallowing in self-pity ending up just as ignorant of others' suffering as the blue pill? The red pill can sometimes do with mixing a bit of blue into its dose to remain grateful and sane in the situation. The blue pill could use some work experience to help humanity by sacrificing itself medicinally to a patient rather than remaining bubbled in the packet. And even here my vision for how you should navigate 'truth' is biased-NF. *throws spaghetti monster spirit fingers in the air*!