I hear what you're saying but a Hot 'N High power degrading versus a loss of altitude running away to what looked like an inevitable swimming event due to single engine lack of thrust to even maintain level would keep my throttle hand in the very forward position regardless of instrument indications. No?
Sounds to me like the thrust loss was far greater than that which would be associated with atmospheric conditions, after all single engine ops on those donks and that frame (unless loaded too heavy) are within the loop of what we appear to have here.
So something else in the mix?