Engine failure at low speed in a light twin

[[Steve]]

Please excuse my ignorance, I'm not a pilot.

As I understand it, loss of an engine in a light twin can be fairly nasty at low speed as there can be insufficient ruder authority to maintain a heading.

I would assume that the speed that this happens would increace with throttle setting. Is this correct?

So would it be logical if this happened to point the nose downward and reduce the throttle enough to maintain a heading, advancing the throttle as airspeed builds?