That depends on the time out value that the WDT is using, if too short then even the manual 'hold the reset button down' doesn't work.
Why would that be the case? By holding the RESET switch during powerup, you're preventing the WDT from ever being enabled by the sketch (by preventing the sketch from running), so it doesn't matter what the sketch sets the timeout to. A sketch can't set the fuse that enables the WDT at poweron...
The "problem" is that the WDT is not disabled by a external RESET operation, so once a sketch turns on the WDT, it STAYS on through the usual "upload" resets. But the WDT is still off at power on (unless you change the fuse.)
Nevertheless, I decline to try out your sample sketch :-)
You are of course correct, I just read past the power off then hold reset while powering back up part. That will allow a new sketch to be reloaded, however it will tax one's skill at timing the release as it took me 3 or 4 attempts before it would take.
Nevertheless, I decline to try out your sample sketch :-)
Probably a good choice unless you have some time to spare.

Lefty