Do most people tend to trust the gate valve on the cold feed to a hot water cylinder will turn off and back on again, when wanting to work on the hot pipework, swapping a bath tap no isos. Or turn the cold mains off and drain all tank.
When needing to plug a tank outlet, usually find it is hexagonal or internally ribbed so rubber bung is ineffective. What's needed is a mushroom shaped stopper where stem would locate in hole and dome could be pushed against outlet with length of plastic pipe braced off opposite wall of tank.
It's true, I wouldn't trust either but it is what it is .. I would definitely turn it off on the gate valve ... it's 50% chance you will be lucky not long ago I wasn't as lucky and it snapped the gate valve luckily I had one to change it as well as a second gate valve was in the loft so wasn't too bad in the end