Never, ever put your transmission into Park when you see an impending collision - you could cause more damage to your transmission that way. The Park position is designed to lock your transmission so your car doesn’t roll.
Also, this is very important, never brace against the steering wheel. First, you can injure your wrists, elblows, shoulders and/or cervical vertebrae unnecessarily. Second, it can interfere with airbag deployment. Third, if enough of your momentum is transferred to the steering column, you can damage it, too. Modern steering columns are collapsible telescoping shafts, with just a breakaway pin holding the assembly extended. If you shear that pin, it can take hundreds of dollars in labor to replace.
If you see any collision coming, the best thing to do is to lean back in your seat, assume a neutral posture, and avail yourself of any head support. Don’t press yourself into your seat with your legs or arms. This works even better in cars with airbags.
Of course, I know all this backwards and forwards, and what did I do the last time I was in an accident? I stiffarmed the steering wheel and locked both elbows. It’s instinctive, and you have to fight it. (I didn’t have quite enough time to realize what I was doing.)
If I envision the OP’s scenario correctly, I would try and move as far forward into the intersection as possible, giving the person behind me enough room to stop.
If he were going far, far too fast, then I would try to use the center of the intersection to accelerate and merge with the thru traffic on my right. In fact, if the person behind me appeared to be about to hit me at 30 mph or above, I’d prefer to accelerate and sideswipe another car rather than take a collision like that, sitting still.
Of course, then that would make the question of liability a huge mess… 