At first I was upset that Theon sunk back into Reek but as everyone has stated Euron would have killed them both. I think he deceived Euron by pretending to tuck his tail and abandon. I also think Theon is still on his redemption tour to try and undo all the wrong he's done. He also has to remember Yara trying to rescue him from Ramsay despite his refusal to go with her.
Also, why would Reek, when he STILL WAS REEK, risk his life to save Sansa, when he clearly was still afraid of Ramsay?
But be a total coward, and just "save himself" in that moment.
I don't even think that's a Reek moment, but maybe more a Theon one. I know Theon wouldn't have been that cowardly, just seems more like a Theon selfish act.
I don't consider the part where Yara tried to rescue him one, either. He was too far gone at that point, and was broken down that bad, he actually wanted, or accepted he's Reek.
Part of why Theon became Reek, because he was devastated over betraying Robb. Had no will to live anymore after that, but Ramsay, wasn't going to kill him.
He felt this was somewhat poetic justice for what he did to their family.
Maybe I'm way off. I've not read the books like Rich, and Jack, so they have better insight on these characters than me.
It seemed to me that the selfish Theon was gone, though. That he was all about redemption.
Either way, it was the best scene by far. Yes, Euron was a joy to watch, but the acting was so great by Alfie Allen.
I don't think Gemma Whelan is getting enough credit, too.
Not only did we see Theon resemble Reek, but so did Yara. She saw it too. The look on her face, she was basically done with him. Utter disappointment.
But its easy to think he was just being a selfish coward. But maybe he was just being a smart thinking coward?