I think the answer to what graduate degree to pursue is down to whether you ultimately want to be a mathematician or a linguist -- what is the focus of your interest, the mathematics or the linguistics?
Yes, I am suggesting that you will have to have a primary focus, a subject "hat", if you will, that determines the lens, perspective and methodology of your research, even when looking at the same research questions.
I am a pure mathematician now, but I studied both theoretical physics and mathematics and for the longest time could not decide what to ultimately focus on. Now, these fields are (from what I can tell) much more closely interwoven than maths and linguistics, but even then, there is a pretty clear distinction between the mathematicians and the physicists interested in the same things (even though the mathematicians will know a lot of physics, and the physicists will know a lot of maths). The two communities interact quite frequently, but have different ways of thinking about problems and are often interested in different aspects of the same questions.
I became a pure mathematician (geometry, with some string theory inspiration) after my first year of PhD, and I think that is about the latest feasible time to make this switch (without "losing" time). Realistically, it is very hard to do mathematics research that is recognised as such by other mathematicians if this is not what you do full-time (as always, there are exceptions.)
And if you want to do pure maths research specifically, I do not think you will be able to do that if you are not fully in that field. (This may be less true in applied maths; I cannot really judge.)
Modern maths research is extremely specialised, and at the start of your career, you'll have a hard time getting up to speed in one area, let alone multiple at once.
In your PhD, you will (by the nature of how research works as a beginner) focus on a pretty specific question in a pretty limited area. Yes, you'll learn a lot of general things, but your research will be specialised. And how this specialisation looks will, I think, be very different depending on whether the project is set and supervised by a mathematician or a linguist, even if they ostensibly deal with the same subject matter.
People who make fundamental contributions to different areas of research usually do so later, broadening their expertise after having first specialised.
What you do not want to happen is that mathematicians think you're a linguist and linguists think you're a mathematician and ultimately neither field really engages with your research (or neither department/neither mentor feels you belong to them, as a student).
(This is advice I was given when I was choosing PhDs, and even though I did not listen to it right away, it became clear that it's a valid warning.)
This all is not to say that you should abandon linguistics -- mathematics is not the ultimate abstract uber-science that everyone has to do. There is obviously huge value in specialising in a different science that merely uses maths as a tool, rather than building the toolbox.
So maybe the question is: Do you primarily want to
- build new tools for a broadly applicable toolbox and try them out
a little on specific applications, or
- take tools and use them to
really get into the weeds of a science question, with the focus on
the question rather than the tool?
Ultimately, there is no one right career path, and every decision you make comes with the cost of of something else you do not do; that's simply how it is.
Practical considerations Re: funding & degree: Why don't you give the linguistics PhD a shot, if you do not have offers for funded maths PhDs? That way, you can see how you like it, think things over, and if next year you decide that you actually want to be a mathematician, you apply to maths grad school again?