You have 3 months time before you accumulate penalty. So you can get it things done.
Yes. But I wouldn't recommend traveling to India with an Indian passport and then try to travel back with a Canadian passport as the Immigration officer might question why you used your Indian passport after getting Canadian citizenship.
I know it is legal to use your Indian passport for 3 months but why give the officer a chance to bring that up and potentially cause delays / issues when you are traveling back to Canada. These guys might get unpredictable - We don't want to miss our flights because the immigration officer thinks we entered illegally. Arguing with them will get us nowhere (especially, when you quote the rule and tell them that you have behaved in accordance with the rules, they will get even more mad).
It is best to get OCI and then travel (because we don't know when the Covid rules will change) and if there is something like a 16th wave going on in India, they will extend the ban for foreigners (including those of Indian origin without OCI) and we can't enter the country. To avoid all this mess, get OCI and go to India.