I'd trust the latter and I think it's an easy choice. I'm sure it feels bad to not be in the group with access to the scary weapons, but do remember that out of your two groups, the "collective humanity" one is the one with the literal terrorists, which do in fact exist and aren't a myth. For comparison, observe how the concentration of ability to produce nuclear weaponry in the hands of only a few states did, historically, work to prevent both a nuclear war and any nuclear terrorism.
> And the rest of us have no way to stop it or defend.
If you did have access, what'd be your defense plan? Biorisk is one of the most attacker-favoring fields imaginable, so a world where there's an equilibrium between attackers and defenders in bioweaponry research (the same way cybersecurity currently works) would be quite terrible. Your best bet would probably be to take a new vaccine each time a new engineered disease comes out, and hope that you're never one of the suckers who got infected before the vaccine was developed, and that the accumulated side effects from multiple experimental vaccines don't kill you too quickly.