Over a five-year period, there were 7 engine failures in twins and 47 in singles.
In the twins, four were fatal; in the singles, it was one.
Stats can be misleading as we don't have the rundown of why each was fatal or survivable. A quick run through the ATSB I can find some instances where a loaded PA31 has circled due weather on one engine and landed safely vs another where the same type having some mishandled (overweight, questionable serviceability, loss of control) factor leading to its demise. How many of the the single failures were in IMC, night or over rough terrain? I've personally lost power in a piston twin twice and returned to land with full loads, in a single, one of those i'd be swimming with 8 other people.
Simple truth is that a twin is more dangerous if not handled correctly. But lose an engine in a single in cloud at night... what are you going to do then? Pull the chute and hope you don't land on something bad, it still sounds like a dice roll on whether you survive.
An engine failure in a loaded up 402 off 10 or 04 at Archerfield would have been life-ending with no chance of survival (and this is also inclusive of people on the ground and in the way).
I'd also ask that if you know this risk, why would you do it. As the pilot always think what your excuse will be if you are the sole survivor afterwards.