That is not the only two viewpoints...just the two extremes I think.
The third is in the middle. Jesus' death and ressurrection gives us forgiveness, then the work of the Holy Spirit keeps, protects, and guides us in living as Christ lives and how we are meant to.
Philippians 1:6 (Amplified Bible)
6And I am convinced and sure of this very thing, that He Who began a good work in you will continue until the day of Jesus Christ [right up to the time of His return], developing [that good work] and perfecting and bringing it to full completion in you.
Do you believe the blood of Christ already covers you for future sins? Are you responsible to be obedient or is that optional? Most do not claim the extreme view as you say...but they act on it nevertheless: that is, unless they are running the race of faith with determination.
We operate in one of the 2 views in my view. We may sashay between them, but we must ultimately follow one way or the other.
There is death and there is life.....a third possibility in between???...maybe in the process of

????
This is a serious matter for us to consider. The enemy will try to frustrate the grace of God at every turn.
Some believe that the grace of God is "unmerited favour." But that is the definition of mercy. Grace is the divine influence and power we experience through resurrection life.