The shutdown is a good call given the circumstances.
An idea of less-radical preventive action is placing the instance in read-only mode, either as a Lemmy feature, or through reverse proxy settings (eg reply 503 for any POST/PUT/DELETE request). But that'd require some development and/or preparation.
Doing that on the reserve proxy side would block any user-submitted content and more (logins, searches, ...). This would hopefully be efficient at blocking many attack vectors, while still keeping the instance partially online, even if that's a degraded mode.