Question regarding valuing options

Trying to understand options, from my limited understanding is the reason why there is a divergence between the value of an option and the value of (market price minus strike price) because an option values uncertainty on top of uncertainty, whereas the stock already has the uncertainty priced into it, so essentially the option is a second derivative. Is this essentially what is captured by time to expiration? Is the optimal strategy to always hold till expiration, or if it's a very volatile market, holding to maturity isn't necessarily the best idea? Appreciate the help. 

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