The trade off now is if you care more about housing on a planet, or if you want the extra production boost to industry.
No, that trade-off does not exist. As I explained in the post that you quoted...
housing could apply, yet it has a manual exception for ideal planets coded into the trait.
...there is no housing penalty for aquatic species on Gaia worlds.
As it stands now, Gaia is pretty much universally superior, because neither of the downsides of non-wet worlds apply, and the benefits of a Gaia World just outshine the benefits over time. The only situation where wet worlds have a slight edge is if you have taken the ascension perk and ONLY have aquatic pops on your world, and ONLY have minerals/food/energy jobs, and even then it's only +5% minerals/food/energy vs +10% to everything else, and +10% happiness (and +2 Planet Capacity per free District, but that's not that meaningful most of the time). And of course,
terraforming to Gaia is an investment, and not a particularly cheap one, but in any empire with non-aquatics mixed in the bonuses will quickly return your investment unless it's a very small planet.
So the reality is, you already want to terraform to Gaia in almost every situation, and it just doesn't feel all that good, because you're partially exchanging bonuses instead of gaining them. It feels like you're giving up a large part of your trait, but it's probably still the right decision. And that is not good design in my opinion, it just doesn't feel satisfying.
I said I want the bonuses to apply to Gaia, but I'm open for the opposite, too - but if the goal is to discourage gaia terraforming and preserving ocean worlds, then you have to make terraforming into Gaia something that has some actual downsides attached to it. Right now, aside from the initial investment, that's just not the case.
/edit: Actually, I missed that you're probably talking about the -10% Housing Usage for Ocean Worlds, not the +30% penalty. I don't think that makes much of a difference though, since 10% housing are barely anything. The difference of 40% would actually impact planet capacity a bit, but even that would probably not be a big deal compared to what you gain from a Gaia world if you're not in the perfect all-aquatics hyper-specialized resource world scenario.