The only reason Ronaldo wants to leave Manchester United is just to play in the Champions League, he will accept offers from other clubs that can give him the opportunity to play in the UCL. He could still compete in elite competition, moving to Saudi Arabia would be a major downturn in his career, and his name would be dimmed to barely audible if he played there. Oscar had previously experienced the same condition, he was at the peak of his career while still actively playing at Chelsea. After moving to the Chinese League, his name was never heard from again and his career was getting dimmer.
There is already information that Ronaldo will refuse such a generous offer because he really still wants to fight for significant trophies and the Champions League. I think that even if Ronaldo still fails to move to a club that participates in the Champions League this season, then he will still stay at Manchester United, and not go to Saudi Arabia, especially since ten Hag also seems to say that the player is not for sale and they want to succeed together, and therefore expresses interest in the striker staying at the club. I think that such an option may come up again, even if not for such a huge amount of money and maybe even come to life, but not now.