I don't know. BMW were pretty shocking at long-term strategies themselves. 2008 Kubica could have won the driver's championship, but as hard as Hamilton, Massa, McLaren and Ferrari tried to give it to them it, BMW chose to put everything into 2009, where they were poor, very poor.
Meanwhile, Williams went on to have a couple of decent years in (2012) 2014 and 2015. Granted they rarely looked like beating any works team, but they ought to have finished second in 2014. Choosing not to play second fiddle to Mercedes is probably what harmed them long term, but I understand why for such a team that would be a bitter pill to swallow. It never was a team to accept second best.
Perhaps Williams were hoping for a VAG or Toyota return for a revival, but Covid-19 has put paid to that. As sad as it is, I suppose there's a certain charm to not wanting to quit at the back, to go down fighting. Williams where never about being a supporting cast, and while McLaren have evolved with a road car division, Williams have always wanted to be just a racing team. There are no pure racing teams any more, more is the pity. I suppose there's a certain nobility to just accepting that you have to have a manufacturer onboard to have any real chance of success. Most independent teams have fallen that way (Tyrrell, Ligier, Lotus) long before Williams, so I suppose there's a lot to be said for how long they've survived.
Before Covid-19 there was a chance, but Coronavirus has probably done for any Williams revival. They suggested moderate steps in testing, enough to maybe mix with the second half of the grid, but when money is as short as it will be in the next 12 months, it's hard to back a team with no guarantee of points this year or next without manufacture backing.