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It is difficult to get a role as a PM even running a niche strategy. If the hedge fund is decent size, managing institutional money and assets for high net-worth individuals, or if it is a family office, I would take the PM job. Let me tell you why.
I was early career like you. After doing sub-PM tasks on the trading desk for about 2.5 years, my boss's boss asked me to do the analytics then backtest whether my boss's arb strategy would work in a different but related though much smaller market segment. It did. After that, they let me run the strategy full-time, as a PM with my own P&L etc.
Unfortunately, after a few (profitable!) months, the entire company ceased operations in the US. (I worked in Treasury for a large foreign bank and insurer that had a small trading desk using the firm's own capital). I had about 4 years total experience at this point.
Did a job search and got two offers. One was like your Offer 1, trading the strategy I developed at my former job, as a PM. The other offer was risk management not trading, but had a great salary, likely 25% bonus, 8% match 401k vested from day one etc. I was a single woman, living in a big expensive city, no nearby family, renting etc. I was afraid to take the PM job as there was so much more security with the other offer, so I chose that. I was really happy, but in all the years that followed, I was never able to get a PM job. I interviewed for them, and was 2nd choice a few times. I wish I had taken the PM job.