I think No.3 is just misunderstanding the expression. It may be an archaism, but i guess in modern english it would be better said as " You want to both keep your cake (for later), and eat it (now) too" which is not a possible choice.
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"Enemy submarines are to be called U-Boats. The term submarine is to be reserved for Allied under water vessels. U-Boats are those dastardly villains who sink our ships, while submarines are those gallant and noble craft which sink theirs." Winston Churchill
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