It depends on the clock situation and how the other team is doing offensively. If you are giving up greater than 1 point per possession on defense and scoring greater than 1 point per possession on the offense, the math would say that holding for the last shot is going to be better. Say that both teams are scoring 1.10 points per possession. Taking a guaranteed layup and giving the other team the ball back for the last possession would = 2 - 1.10 = +0.9 expected points, whereas holding for the last shot yourself would = +1.10 expected points. Although maybe points per possession are significantly lower if you only give a team 10 seconds left on the clock for the possession, I don't really know the answer to that but if so it would bring the two choices closer to equal as far as expected points.
I say this because Wake (in the last few years) is significantly better on offense than defense, so high points per possession for both teams is a pretty common occurrence.