Given an 8 year scoring average of 55, if the answer is T Cole, then you asked the wrong question. I have Jone5 and nothing on this earth would make me trade him to Cole.
It's an interesting one. The number, as you say looks horrible, but it also feels like that's not fully representative of his capability (and is also a bit disingenuous given it includes his first 2 years with minimal games). He's had a stack of injuries over the journey, and if he can get some continuity you might get 70 out of his role.
Liam Jones is 32. In his 12 years in the league he's had one year >75 and that's a 77. He's also been out of the game for a year, and is coming back into a side that is very tall forward of the ball, but ageing in terms of talls behind the ball. I don't know what people have pencilled in as an expected average for him, but to me 75 seems about a best case, with a worst case that they just swing a Darcy or Bruce behind the ball and he's completely gone.
Cole is 7 years younger, so it feels like he could have a little upside still. But most importantly he's almost 50k cheaper.
If I assume Cole's job security is very good, then I can see a way you'd want Cole over Jones now that Jones has a stinker to inhibit his initial price growth, because you don't want either of them for more than 2 months.