Note that the first item of this checklist is to disable autopilot. But this would already be the case
You would still go through the checklist from the top. If you saw Mentour Pilots video demonstration during simulation, it's a bit comical how formal it is. So in their 40 seconds, they would potentially be verbalizing each item, starting from the beginning.
So
1. "Memory items for runaway stabilizer"
2. "Memory item 1:Turn off the autopilot." Memory item 1 is not "If the autopilot is already off, skip to item 2"
3. The pilots would turn off autopilot
4. Then they would monitor for the result. And since MCAS is intermittent, "the result" may initially appear to be perfectly satisfactory.
You are supposed to monitor the result. You are NOT supposed to proceed to memory item 2, blindly. And if the result is satisfactory, you are supposed to stop.
That can waste a lot of time out of the 40 seconds the pilots had.
In the first incident with Indonesian Air/Jakarta, the pilots did the dance for 10 minutes, or something. I have not seen any detailed info for the Ethiopian Air crash. Just that the news said they had 40 seconds. And Ethiopian Air stated all their MAX pilots received MAX specific updated training, including the hiterto optional simulation in the interim between the Jakarta crash and this one.
Now, how pilots actually do this may be totally different in the plane. But even with the updated training, the solution may be insufficient? I'll bet if the pilot skips the first step, it's an automatic fail, in training. If you were to go "by the book," the book might kill you? I think that could be considered an insufficient solution. I imagine that strictly following procedure/protocol is supposed to be sufficient.
The protocol is there, presumably to prevent pilots from jumping to incorrect conclusions. There could be good safety reasons, statistically, that we want pilots that blindly follow protocol in this kind of situation. There could be financial pressures, as well. If the pilot cuts stab trim out of order, then he may not be allowed to later say "oops, my bad" and turn it back on. And he may have to divert the plane? Just speculating out loud. In this case, the pilot had already requested to return to the airport of departure, so he was already past that.