I always feel the ‘how many has it saved vs how many has it cost’ argument to be too simplistic.
No life is replaceable obviously but I do believe we would be better looking at ‘how many has the exercise benefitted’.
In slack handfuls my course would have flown siro 30 simulated engine out approaches in the Hawk each. Maybe more but that feels about right. There were 10 of us. That’s 300 training serials that taught us a lot, which passed without incident, and prepared us reasonably well (won’t overstate it) for something that thankfully never happened. A short time after I left Valley someone was faced with a EFATO situation and (from memory) did exactly the right thing which was to attempt a landing and eject in time.
To me it would appear odd not to train to save ones back from ejection and the local populace the chance of collecting a jet - with the obvious caveat that in both training and actual emergency one curtails the exercise at the appropriate point.