OP, IF he enjoyed the chase, no treat can beat it. At least that is in my dogs' case. Your dog maybe completely normal as long long as you stay calm but that is tough after that experience. You could try taking him out on a long line (for you as well) and see how he does. Maybe leave the other dog home and test that guy by himself as well. Pack dynamics can change everything though. And they will never forget this one experience.
The dog DID call off though. OP did not lose sight of the dog, correct? He just didn't call off as fast as you wanted him to.
I agree cookies won't trump a chase with most dogs. But it never hurts to make yourself more rewarding or get the dog to take rewards, even just to lessen the stress of learning e collar if you get to that