When to opt out of an internship program in university?

Hi everyone,

I would need advice on when to leave the Co-op (internship) program of my school.

First, I will give you some background and context:

I am in my second year of undergraduate studies at a non-target Canadian b-school. I am part of the Co-op program and completed my first internship at a venture capital fund. I am now aiming for Private Equity or Investment Banking as my second internship, but I do not have the necessary knowledge nor the required Excel skills.

I have two options:

Option 1: I stay in the Co-op program, I take classes for the whole summer meaning I won't have time to prepare for interviews/ improve my Excel skills and general knowledge of finance. The odds of me landing an internship at something at least as prestigious as a venture capital internship are very little as you probably imagine. I am afraid of getting something not as good (i.e. wealth management) which may look weird on my resume if my second internship is not as prestigious as the first one.
However, I would have remained in Co-op, showing that I am motivated and hard-working and would have 2 internships.

Option 2: I leave Co-op, take 2 classes instead of 4, leaving me with plenty of time to read books, learn Excel and learn about Investment Banking and Private Equity.
However, this means that I will look for internships in the summer (2021) and there would be more competition (all students apply for summer internships VS only coop students during fall or winter semesters) and the companies don't get subsidies (they only get subsidies when they hire Co-op students). Moreover, my GPA is 3.44/4.30, and I know that the cutoff for IB is around 3.7/4.0.

I am welcoming any opinion. I will need to choose between the 2 options within the next two weeks.

Thank you all.