I can only ever remember hearing it rhyme with cat, but it’s possible that I’ve heard the other one and just assumed it was spelled twot. I do admit I’ve only heard the first one watching British TV, or people deliberately mimicking Brits.
My father, a middle-aged man at the time and a bit of a roué, told a joke based on that to a cute young waitress of about 18 or 19 in a busy Kip’s Big Boy restaurant back when that ‘coffee/tea’ ad was running. Right out loud she said, “T.W.A.T.?! I don’t get it!”
Everyone in earshot heard this and knew he had just told a dirty joke to this cute young girl. And while worrying about what other people thought was uncharacteristic for my successful self-employed father, he told me he could have crawled under the table.
Shortly after the girl came to work for him. I suspect she eventually became a girlfriend of both of us, though not at the same time. Or at least I hope not. I only know he got really pissed some 30 years later when I happened to mention she had been my first. But she was cute and lively and fun and I remember her fondly to this day. Thanks for the memories.
Another person who’s only heard it as rhyming with “aught”.
E.g., we watched S02E02 of Doctor Foster last night and this was the pronunciation used.
I could imagine someone using the rhymes with “sat” version if there were trying to sneak a milder version by censors or some such.