As far as I am aware, most top players stick with their shot shape and switch to a shorter club to manage these situations.
In practice, there is no doubt a scientifically correct and unique 'answer' to this question for each golfer on each hole - based on risk, reward and the range of possible outcomes that commitment to any given 'plan' before the shot has been struck.
Factors include:
: How are you hitting it? What % chance do you have of pulling off either a fade or draw and landing it in the fairway?
: What are the likely results in the event you mishit the ball? What % chance do you have of getting a "playable miss" from the shot patterns available to you? Does your draw introduce a nasty low pull hook possibility, but your fade only mean you are likely to get a shortish slice if mishit?
: What shape is the pig's back - with roll in mind, does the slope of the fairway favour either shot shape?
: Where is the flag? Is it better to be on the "correct" side of the fairway and in the rough than the wrong side and on the fairway?
: How do your chances of making birdie/par/bogey change depend on the shot you hit?
: What way is the wind blowing?
: Do you wish to show off, or score!?