Yes, you are correct. The only things that stopped the clock here are penalty enforcement and a Team A ball carrier out of bounds. So the clock status depends on how much time is left in the half.
But beside that, the rulings here are a mess in my opinion. The second option should be the only option if the penalty is accepted, 4th & 13 from B-48. The first option given is not an option at all. The play starts as 3rd & 5 from the B-40, how can 4th & 5 be from the B20? Second, 4th & 5 is not an option from any spot on the field. I believe they tried to apply illegal touching here since A80 went out of bounds and touched the forward pass which would be loss of down at the previous spot. However, that only applies to LEGAL forward passes. Since the passer was in the tackle box, under duress, and threw a pass into an area without an eligible receiver, this was not a legal forward pass and illegal touching is not applicable here.
Team B's only options are to accept the intentional grounding penalty and it will be A 4/13 from the B-48, or decline the intentional grounding penalty and it will be A 1/10 from the B-20 (the result of the play). Either way, the clock depends on how much time is left in the half.