If you are under control, and the wind in your face is not an issue. Stay on tow. Get to an altitude where you know you can get back.

A 100 ft release on our 3500 ft runway will have your landing rollout beyond the airport fence, especially on hot days.
I'll pull the release on my students below 50 ft to emphasize, you've got to get it down and stopped!

Had a commercial ride for hire lose a forward Grob canopy on takeoff. Pulled the release at 200ft, standard training for a 180 return to the airport.
He did not make it back, the extra drag of the missing canopy was worse than full spoilers. He had to ground loop it when he saw a barbed wire fence that would have decapitated his front seat pax. They both walked away.

Another 2-32 commercial ride lost the canopy. Front seat pilot had glasses with sport safety strap, he did not lose his glasses. Stayed on tow to 500 ft and an uneventful return to the airport.

The first reaction to "release release release" must be tempered with, "I'm still flying, I'm still under control", "what are my options".
Or as we said in my military flying, "you're still flying, the EP is under control, take time to wind the watch and think about recovery".

BillT