If you’d want to use that money in the short term (before a potential crash has the opportunity to recover), then moving to cash is the right option.
If you don’t need the money for the next 10 years, then riding the wave all the way down and all the way up probably has the most chances to get you the best outcome. In order to do that, you’d have to assess what asset allocation would allow for you to sleep at night during the potential downturn.
I’m personally very fond of the Account Plus solutions, which allow to still capture some market gains while being very stable due to 95% cash, without fees.
Another option is to build a type of “All Weather” portfolio trying to minimize risks while still attaining good returns. You can search for “Golden Butterfly”, “Permanent Portfolio” or “All Weather” to get an idea of their composition, why they’re built that way and a handful of articles pondering what effect the current interest rates environment could have on them. Portfolio Charts has a good article on the topic of choosing the right assets to get good risk-adjusted returns, albeit US centered : Three Secret Ingredients of the Most Efficient Portfolios – Portfolio Charts
I’d also consider my 3a assets as part of my global portfolio, which would include 2nd pillar and taxable assets, including any equity in a home you might have. The purpose is to have the right global asset allocation to allow for you to reach your goals while still sleeping soundly. If you have a taxable account, money is fungible. If you’ve got all your equities in your 3a, want to sell some and use the proceeds, you can sell the equities in the 3a, buy an asset that you hold in your taxable account with the proceeds (cash, gold, bonds, RE fund…) then sell an equivalent amount of that asset in your taxable account and use that as you please.
Edit: to answer your question about our own strategy, I’m using my 3a to buy international equities (focusing on swiss stocks in taxable), so I’m at 60% World ex CH and 37% World ex CH hedged.
I may want to access these funds to buy a home in the short term but my life plans don’t depend on it (I’m willing to wait if the funds are not available anymore) so I’m willing to take some risk and am pairing that allocation with a plan to get out and in the market in case of significant movements. That plan is likely to get me less returns than a simple buy and hold strategy at the correct asset allocation. Risk assessment is a very personal thing, mine is that factoring in the learning experience and entertainment value makes it worth the try.