Sforno on Exodus 33:5/ספורנו על שמות ל״ג:ה׳

1רגע אחד אעלה בקרבך וכליתיך, whereas at this time you are mourning about My not being personally in your midst, (verse 3) you fail to understand that this is intended for your benefit, and may save you from instant extinction. You are, after all, such a stiff-necked people unwilling to respond to admonition, even though at the revelation of Mount Sinai you had become equipped to attain spiritual perfection.

2ועתה הורד עדיך מעליך, this spiritual preparedness which you attained at the revelation is something that G’d does not unilaterally remove from the people as we have a rule that gifts are not revoked without the consent of the recipient. Our sages have phrased it thus in Taanit 25 (where the golden leg miraculously given to Rabbi Chanina was taken back only after he had prayed for it to revert to where it came from.)

3ואדעה מה אעשה לך, for once you do this as an admission of your guilt you will not be guilty of the ultimate punishment.