You have to look out for two things when using the ERS with the LMP's: Per-lap-quota and Overall battery charge. You have take into consideration on each track you run that will the OBC let you run the PLQ empty each lap or not, if not, you have to manage the ERS in a way that you can keep the OBC at a consistent level, so you wouldn't run out of battery after a few laps and have to charge it unefficiently. Stopping in the pits always refills the Battery in AC.
The copypasta you put in, is correct. Generally for me Low preserve with additional manual ERS usage works the best since its gradual power input results in best handling and gives consistency since i don't have to press the boost button all the time. It also gives more headroom and control to where and when i want/need to use the rest of the boost i have available.
What comes to the track at hand, if it runs out then you(we) have to run it manually. But there is a workaround: Since on the Low preserved mode the boost is only through gears 1-5, you can maybe tune those gears shorter than usual resulting in quicker initial acceleration(and less battery usage) but slowing down massively in gears 6-7. That way u can maybe get some more consistent times, since you don't have to worry about the ERS much.
If you're new to running in the LMP class here's some quick tips i posted about a year ago.
https://www.racedepartment.com/thre...a-osrw-sat-05may18.150128/page-9#post-2744767