for 3 yards for 2nd and 12 with :55 left and the clock was running.

At that point he had no chance of preserving any time with only 1 timeout - the 3rd down play clock would take 25 seconds and the 4th down play clock would take another 25 seconds, and the 3rd down play would take another couple of seconds.

Getting the kickoff as time expired was the best case for taking his timeout there. It wouldn't have been possible to have any more time than that.

There's a legitimate argument if that was his best chance of winning, or if trying to get Ferrin to miss was his best chance.