It had no chance of working when McVay called a second time out with (I believe) 36 seconds left after a Carolina first down. It was a strategy that could only work for Carolina at that point.
Even before, it was a really poor choice which presumptuously assumed that we would both stop Carolina (who had moved the ball as well as we did to that point, but turned it over) AND instead score ourselves with less than a minute left in the half. The more likely result, which happened, is that we enabled Carolina to score when they otherwise would not have had enough time. That score was the beginning of letting them back in the game.
IMO this was just a terrible strategy against a tough opponent on the road. McVay is too in love with aggressive offense, not enough with defensive strategies (such as passing on first down instead of giving the ball to Gurley to run down the clock and win the game with 5:45 left in the second half). Fortunately we won anyway. I hope McVay never does this again.