I also thought about letting out the main but in all honesty that was purely a panic move and I had absolutely no idea what it would get me
Actually, that is probably the best take home message of the whole thing. Modern sailors have the idea of luffing so ingrained that we often forget that the traditional way of dealing with sudden wind increases and some other emergencies was to run off.
I like to amuse non and semi experienced sailors on days when it's blowing hard and we are going fast to windward by saying, "Hey, tell me when you would like the wind to stop." When they respond, I let the main sheet run, crank the wheel over and put the boat dead downwind. On a day with whitecaps when spray has been flying, it will suddenly seem like the wind dropped to zero. I then say, "Tell me when you would like the wind to come back." Try it.
If your boat is seriously overpowered and you keep luffing, your speed will gradually decay and only the most skillful helmsmanship will keep you going. If your speed drops too far, you will go aback. With sheet let run and the boat head to wind you will have a loud, rig damaging thundering of flogging sails. Downwind, it will be much quieter, the boat will be level, and you'll have plenty of speed for rudder control. If you start rolling hard, just come up a little bit.
You need speed though to make the downwind turn so it's not a move you can make after luffing nearly to nearly dead in the water. Drive the boat hard to build up speed, dump the main, and turn resolutely downwind. It's a move your should practice because it will bring sudden calm to surprisingly strong winds. The easiest way to get a jib rolled up is to get it smothered behind the main. Then come back up on the wind to put a reef in if you need it.
The flip side is what happens when you set off downwind, sail along thinking what a fine day it is, and then turn for the beat home. This mistake has killed many people with an offshore breeze.