This strategy call is debated a lot. Archie took the blame in his presser for not calling timeout and telling the kids to foul.
I actually lean toward playing D and letting the chips fall where they may. But, both strategies are valid. You'll lose once or twice a decade in regulation and maybe 10-15 percent of the other games, if someone hits a three and beats you in OT.
If you foul, you open up the chance that they make the first, miss the second, rebound it and score. If it's a 3, you'll lose in regulation. So, while you might win a little more often in regulation, you'll also lose in regulation more often. You go to overtime a lot less by fouling.
In a case where I think I'm a better coach or have the superior team, I prefer the extra time and opportunity for talent to win out that OT offers.
Maybe a different call if there's so little time left that there is no chance for the to rebound a missed free throw and get another shot up. But maybe not, since they are really unlikely to get up a good look in that scenario anyway.
I would usually default to letting my kids do what they've prepared over and over to do, which is playing tough half court defense without fouling.