Well, on the face of it, Captain Collins knowingly undertook a high-risk, low-return rescue mission:
1) He's breaking his naval orders to do so.
2) There are (only) two missionaries at China Lights. At the time of the Captain's decision, he doesn't know if they're still alive, and even if they are, whether they will still be alive by the time the ship can fight its way to them and send a rescue party. And if the missionaries decide to escape from China Lights before the rescue party gets there, the men will have no way to tell where they went, how to find them, and certainly won't have time to hunt for them.
As the viewers learn, it turns out that Jameson doesn't even want to be "rescued".
3) The San Pablo had no intelligence info on the strength or number of Chinese soldiers manning the blockading junks. Collins will be risking the lives of his crew, and a gunboat in trying to run the blockade -- not to mention shedding Chinese blood.
The crew have little or no training in this type of warfare (grappled ships and subsequent hand-to-hand fighting pretty much faded away after the Napoleonic Wars), and the San Pablo apparently has only one BAR.
And if they're successful, they may have to fight a 2nd battle on their return trip (the Captain *assumes* that the Chinese will be unable to replace the boom line by daybreak).
On the other hand, I'm reminded of the famous pre-battle cry of a Native American tribe (was it the Lakota?): "Today is a good day to die!" Everyone on the San Pablo knew that they were virtually "Dead men walking".
After the crew's mutiny, they knows that once the ship returns to an American base, the lives of most everyone (excepting perhaps the young ensign and the chief petty officer--who was killed in the battle) will be completely ruined. The ringleaders of the mutiny will be court-martialed, at least for refusal of a lawful order and at worst for inciting a mutiny (which I believe was/is a capital offense). Non-ringleaders may also face charges, and certainly no captain will ever take them aboard their ships. Holman disobeyed numerous orders and was insubordinate. Regardless of the outcome of the trials, Collins' naval career will be finished, as "the captain who lost control of his ship".
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