I think CHO group insertion will not happen at C2. It will happen at C3 due to the stable resonance structure, and the octet of the pyridine ring will be affected by resonance.
Then, if given hydrolysis and heat, the product will be the fourth option, as shown in image 500. But that image was cropped to the CO2Et in the fourth option. So I think the fourth option is correct. As shown in image 501, hydrolysis and heat are not given in question.