Hav 16: Thoughts about the meaning here #76
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We may have talked about this once before, but here's what you have currently:
The unvalorous man thinks he will forever live, if he of war is wary; but old age gives him no peace, although spears might give [him].(a)
(a) He might have been spared by the spears, but death will still find him. The underlying meaning seems to be that since death is unavoidable it is better to live bravely, even if one risks dying in battle, than to live cowardly and die of old age. This verse connects well to the ancient view of the ‘straw-death’.
I don't disagree with your interpretation but I also see another layer in here. Basically, how I read it, it's saying that cowards run away from death because they prefer living. They want to avoid death for as long as possible. However, by living to old age, you discover that old age sucks, it "gives him no peace". On the other hand, had he been brave, he might have died, but death would have brought him peace.