Well, upon looking at this I think my opinion may have to change. He should have thrown it away right in from of himor maybe right at the 1st down stick there.
I always assumed he was simply trying to heave it out of bounds. Looking at this, maybe he thought he was throwing it on the sideline (or close enough) that only Flournoy could have a remote chance of catching it. Now he himself said after the game he was trying to throw it away, but Flournoy is in the picture but can't get to the sideline. Instead Holland comes from a little further up the field and makes a great sliding catch.
Looking at the beginning of the play, it's only 3rd and 5 and they have plenty of time left. Most of the receivers go long, except for Jake Ferguson who you can't completely tell if he is open or not. Am assuming Prescott also doesnt see him at that point because he is now having to run to escape pressure. I think its also fair to say this was a bad play call by Schottenheimer (unless Prescott changed the play). Just get the 1st down in that situation, not all the receivers should be going on longer routes IMO.