Yeah - it’s ship the bug fix, then do whatever refactoring. Just ship the bug fix first.
'Phase 2 never happens'
Yes, that's probably a sign of poor project management or organisational brokenness. But it's also probably the reality for most people.
> It also misses the point that sometimes refactoring makes it _easier_ to fix the bug, and that a large part of fixing a bug is understanding exactly what's happening with the code, which refactoring can also make easier.