What does the cryptic crossword clue "Mustang, don't peg out now, do you hear? This'll help you breathe! (14)" mean?

The definition is "This’ll help you breathe". The wordplay uses a homophone (sounds like). BRONCHO (mustang), then a homophone of (do you hear?) “die later” (don’t peg out now). Edit: But see Vinyl, below, for a more likely explanation. The answer is BRONCHODILATOR.

Mustang, don't peg out now, do you hear? This'll help you breathe! (14)

Times Cryptic #28559 | 6 Down | 2023-03-24 flower

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