My 2 cents - maybe fireworks is the exactly one kind of scenario where you may wish to have 360 degree shutter angle.. It may look more interesting with motion blur, but I never shot fireworks with ML so it is just in theory.
Although if you want to use plugins to create slow motion later, then motion blur is your enemy.
I shot fireworks in usual video mode once, and I definitely noticed that you want details in low lights, because after the explosion you will have those light trails everywhere and they are quite dim compared to the explosion itself, but if you can see them on your footage it looks better.
Personally I won't care as much about over-exposing the highlights, I would focus my attention on low light sensitivity. Although technically it is kind of wrong.
But if you are going to some really epic firework show where everything will be just filled with light, then you probably want to adjust your settings to have better highlights instead (not clipped as much)
After all, it will probably be a trade-off between the dynamic range and the ability to recover dim trails of light.
You can try your settings with some cheap sparklers in the night, to see what works best.. Not exactly the same thing but it will probably give you some ideas.
p.s. maybe this will help:
