Ask a glider pilot.
Engine failure after take-off presents the same problems as a failed winch launch, just with a less extreme nose high attitude.
The point to be considered is current training/experience.
On a winch launch the glider pilot is constantly accessing the situation and how it changes with altitude. Initially, land straight ahead, then a dog-leg, then a 360, then a low circuit.
The glider pilot is probably also better aware of the handling and capabilities of his machine, which puts him in a much better position than most power pilots.
Most power pilots should therefore stick to the don't turn back philosophy.
However, when turning back many people fixate on the runway they have just left when they should be fixating on maintaining flying speed and control. The aim is to get the aircraft on the ground with as little damage as possible (the end result being without injury). Most airfields have ample space which is not obstructed or limited by runway lights etc.
For the record, I started with gliders and have had an engine failure which allowed me to land on an airfield, from 13,000ft. I didn't land on the runway but into the wind on a quite sufficient patch to the south of it.
Anyway, always have a can of champagne!