I know that now-a-days google just ignores low quality links. But if you specifically see a toxic link then will you disavow it? I am saying that its sure it is a toxic link.
Obviously, you should disavow it immediately. Even if you see the manual action penalty asap and take reform actions immediately after you got it, it will probably take months to recover and let alone many months to just remove the penalty.
I agree with Danni here. Go for it.
A manual action penalty is way worse and also very hard to remove.
Better be safe than sorry mate.
I am sure that the link is toxic so I disavowed it. Thanks for the suggestion guys. Really appreciate it.