The most important thing at V1, with regards to a “normal” engine failure/fire, is to maintain positive control of the aircraft, fly to a safe level off altitude, clean it up (gear/flaps) on schedule and then methodically take care of the problem. The big red light on the glare shield can be very distracting so it’s inhibited at such a critical time. The fire bell can be cancelled immediately by pushing the master warning light but the fire handle and level 3 alert will still remain as a reminder of the issue.
A “normal” fire warning can be handled fairly quickly after dept but it must be done methodically so you don’t create more problems by shutting down the wrong engine. It’s more important to fly the aircraft and clear obstacles prior to grabbing a handful and pulling red handles.
What UPS 2976 experienced was anything but a “normal” engine failure/ fire. They basically got the Kobayashi Maru scenario where no answer was correct….