Yep, that's about right. A Euro title is nice, but he has three of them already, and will win several more if healthy. For a runner of Jakob's quality, they are a B level title. But the Olympics and Worlds have the African competition. A win against runners of that level is worth the risk.
Watch his interview after winning the 5000m at Worlds. At the 6:40 mark he clearly says that if the schedule allowed he would run all the events as long as it didn't interfere with his main event.
He says that if the 10K were tomorrow (the day after winning the 5K), then he would run the 10K.
When probed, he goes on to claim that if the 3000m steeple was the day after the 10K he would run that as well.
Now he has the chance to do it and he's not... what gives?
Jakob ran a 10K road race in 2019. He won by a large margin then with the time 27:54. The next year he ran the same road race. He then got beaten by almost 7 minutes. Jakob tried to beat the European road race record (27:10). He was on pace for a long time but hit "the wall". It later turned out that he was sick and he basically had to abort the race.