What does the pronoun "huwa" (he/it) refer to here?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. It is a pronoun referring to the expression "one of them", previously mentioned in the verse. The meaning is: "And the long life of one of them will not remove him from the punishment."
2. It refers to the prolonging of life itself. The meaning is: "And prolonging his life will not remove him from the punishment." Then the phrase “that he should live long” (an yuʿammara) serves as an explanation, as if to say: “That thing which will not remove him from the punishment is the prolongation of his life.”

Both interpretations were mentioned by al-Zajjāj.