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i don't understand why it's even a question whether sauron was reaching for galadriel or nenya.
i think it's obvious that sauron's desire to possess nenya is a metaphor for his desire to have galadriel. nenya = galadriel.
if nenya just represented a ring and all sauron wanted was that ring, he would have snatched that thing away from galadriel the moment he saw it, and he had many opportunities to take it away. he wanted galadriel to give him nenya herself, bc that meant her giving in to him as well.
he was so desperate and teary while asking galadriel to give him nenya after stabbing her bc he hurt her far worse than he wanted to, trying to bring her to the point where she would give in, but she kept resisting and i believe he just didn't want to keep on hurting her. yet he would continue until she willingly gave him what he wanted. that is why he was so relieved and the most overjoyed we have seen him when he thought she finally believed he wanted to heal the middle-earth (+her) and was about to give him nenya (=herself).
the whole thing was so obviously a psychological game sprinkled with morgoth tactics sauron played on galadriel in a desperate hope of breaking her defenses down till she willingly gave herself to him.
and he changed the position of his hand to reach for her wrist, that way he would have been able to pull her back. if he had just reached for the ring, he would have tried to reach from below of her hand (where his hand was already positioned) to open her palm and quickly snatch the ring.