Depends on what kind of story you want to tell. If he jumps in and saves his friends, and retains his powers, he is A Noble Hero, and the story fits the standard Heroic Quandary issues. (You just ask yourself, "what would Batman do?" and go with that. Answer: save everyone. Somehow.)
If he saves his friends but loses his powers, you have a Grand Tragedy with great angst as everyone, including the friends, realizes he shouldn't have saved them because he lost the whole world. (Unless, of course, he manages to save the world without his powers through sheer pluck and noble intentions. Also a reasonable way out.)
If he doesn't save his friends, he is a cowardly, dimwitted bastard who can't figure out how to allocate his super-resources properly, because A Noble Hero would manage to save both his friends *and* the world. Or, potentially, he is angsty super-emo dude who will spend the rest of his life moping over the friends he couldn't save, doomed to live out his days with the cold comfort of having saved everyone *except* the ones dearest to him. Or, option 3, his friends convince him not to save them, because they know their deaths will go to the noble cause of preserving his powers so he can save the world, and he can toast their noble sacrifice every year on the day of their deaths.
I'd offer to provide fanfic examples for each, but (1) it'd probably take me too long to assemble them and (2) they'd almost certainly be slash, and that'd likely be too distracting to notice the story elements for people unfamiliar with slash tropes.
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