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LukeStebbing comments on Subjective Relativity, Time Dilation and Divergence - Less Wrong
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I came to a similar conclusion after reading Accelerando, but don't forget about existential risk. Some intelligent agents don't care what happens in a future they never experience, but many humans do, and if a Friendly Singularity occurs, it will probably preserve our drive to make the future a good one even if we aren't around to see it. Matrioshka brain beats space colonization; supernova beats matrioshka brain; space colonization beats supernova.
If you care about that sort of thing, it pays to diversify.
I don't have the astrophysics background to say for sure, but if subjective time is a function of total computational resources and computational resources are a function of energy input, then you might well get more subjective time out of a highly luminous supernova precursor than a red dwarf with a lifetime of a trillion years. Existential risk isn't going to be seen in the same way in a CPU-bound civilization as in a time-bound one.
If computation is bound by energy input and you're prepared to take advantage of a supernova, you still only get one massive burst and then you're done. Think of how many future civilizations could be supercharged and then destroyed by supernovae if only you'd launched that space colonization program first!