In my opinion the ending of this game would have been stronger if they didn't give you a choice at all and instead tied it to the entire sum of your interaction with Chloe over the course of all 5 episodes. The thing that made the Kate rooftop scene so good was that they took away the game's built in cheat mode that let you fuck with the outcome of everything you did and they kind of robbed you of that at the end with Chloe. Think about how if everything that you chose over the course of the entire game regarding Chloe actually played into your ability to even save her at all.
Of course the "save Chloe" ending would have needed to be a lot more fleshed out to have made that even worthwhile. As it is now, it's a pretty poor ending. It doesn't reflect the weight of killing off an entire city's population, including both of your loved ones at all. Sacrificing Chloe to save Arcadia should have been the "bad" ending and what would have been the equivalent of saving Kate's life should have been the good ending, with your bond to Chloe forged over the course of the game being the big pay off.