> "High blood pressure may be not [be] a cause of cognitive decline, but [cognitive decline may] just [be] a consequence [of high blood pressure]."
The other interpretation makes less sense.
> "High blood pressure may be not a cause of cognitive decline, but just a consequence [of cognitive decline]."
The implication here is that cognitive decline causes high blood pressure, which doesn't make any sense.
The author I think was trying to say they have a common cause, but I don't believe there's any evidence for the mechanism on which their thesis relies.
The implication is that a dying brain (= cognitive decline) initiates a flight or fight response which includes adrenaline flare ups and high blood pressure as a result.
Isn't that the same?