Several factors need to be considered here. Are you sure to make the money, before you get hit by the blinds? If its a very large field, probably yes, if its a smaller field perhaps no. If folding will 100% get you in the money, it can be a valid option, when your stack is this short. But if you are going to get hit by the blinds before cashing a very non zero percentage of the time, even if you fold, then for sure go with this hand rather than some random crap, you are dealt in the blinds.
It depends also, what is the average stack size of the other players. If its a turbo, and everyone is short, then calling and winning will put you in a position, where you have at least some chance to run deep, and then that is probably more important than just mini-cashing. But if calling and winning will still leave you with a way below average stack size and literally no chance to run deep, it can be fine to just go after a mini-cash.