My question is:
Is there anything they could have done (once rolling at a high speed) to prevent the accident?
Yes, but . . .
Based on the fact that they did achieve Rotate speed, they came close to being able to fly. If they had rotated earlier, or perhaps more agressively, they might have cleared the fence at the end of the runway and continued to climb to a safe altitude. No, they would not have cleared the theoretical 35 foot obstacle, and they would not have been climbing out at V2, but they could have been airborne without hitting stuff, and they could have accelerated and climbed without hitting stuff. They could have even advanced the Thrust Levers to Max Power or Firewall Power and gained even more advantage. (I haven't looked at the Flight Data Recorder to see if they did that after the "whoa.")
On the other hand, had they begun a reject at some point, they might have stopped the airplane within the confines of the runway, or they might have had a low-speed excursion into the dirt, mud, and fence. The speed of impact with the fence and mud would have certainly changed the outcome that actually resulted.
However, there's the "but" part. In order to have taken either course of action (reject, or rotate early), they would have had to first recognize there was a problem. They didn't. It wasn't until they had already called "rotate" that they realized something serious was wrong. Yes, they were curious about the lighting, but not curious enough to do anything about it.
You asked about "high speed," which leaves room for interpretation. Up until the point where they rotated, they had options, but they just didn't know they needed to use one. After they rotated, their oprions were all gone.
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