This subject was a hot extra-curricular topic at the recent AOPA-UK Flight Instructor Revalidation/Renewal Seminar at Bristol.
Opinion was divided; the pro- camp pointed out that there may be some airfields where turnback is a generally viable option, but only provided the pilot is in good current flying practice and has been taught/practised the manoeuvre at safe altitude. Most importantly the need to markedly increase IAS in the turn was emphasised.
Historically, it's a risky manouevre, but there are times when a controlled crash back on the airfield may be the better option than a housing estate.
The burning question left hanging in the air is: should it be taught? Or does omitting even mention of the option leave the hapless FI open to allegation of professional negligence?
Catch-22, I fear.