No, you’re misunderstanding. The F–35 has three displays, the heads–up display in the helmet, the primary display which is a large LCD panel that takes up the entire width of the cockpit, and a smaller standby display below that. (You can find plenty of pictures.) The HMD and primary display both turned off, then rebooted and came back on several times. The standby display didn’t; it kept displaying the critical flight data and artificial horizon the entire time. There was no faulty data, there were no broken sensors, nothing. He could have simply flown the plane using the data on the standby display alone, and should have. That’s the mistake he made.

It says this directly in the report:

    24. MP’s decision to eject was ultimately inappropriate, because
    commanded flight inputs were in-progress at the time of ejection,
    standby flight instrumentation was providing accurate data, and the
    MA’s backup radio was, at least partially, functional. Furthermore,
    the aircraft continued to fly for an extended period after ejection.

Analogies are not always useful, but if your PC has three monitors and two of them are blinking on and off, do you automatically distrust what is shown on the third? Do you toss your whole computer out the window? Probably not.