Just experience similar dilemma. Pedaling will not turn engine over fast enough, even with compression release, to get it to fire.
Belt got too loose, no way to get enough tension, so plan B...
Rolled bike down a slight incline, with key on, choke and compression release on, enough speed got it to turn over and fire...Whew, got home okay.
My belt gets too cooked going up big hills here, so I am looking for a cheap replacement. Honda wants $80 for this glorified $6 fan belt…