Nobody trains that way anymore, there was good and bad about the methods, I definitely never used a V1 in any light twin. We had TOSS and Blue Line that was about it, throw in some mental reminders about where we could safely land back on the remaining runway, and where we had to have alternative plans. I threw in that part about the training with actual failures as at least it proved the aircraft could fly on one engine fairly well given the right conditions.
Comparing the good/bad old days with today is not really possible. 20 years ago you had to know how to do NDB/VOR/DGAs all with circling at the end, that was where the real danger was. These days you can avoid circling altogether with GPS, RNP SI Approaches and moving terrain displays make CFIT less likely and all sorts of engine monitoring devices for your entertainment.
Fluffing up the very rare occurrence of an engine failure on take-off was almost non existent, so that's why many pilots departed with slim to no single engine performance in those types. Well known accidents, MZK (PIC 2000 TT with 1100 on type) double engine failure in cruise, WGI (PIC had 700 TT and 46 Twin, 3 on type) and NDU (Two Crew, PIC with almost 2000 hrs and Co with 1000 hours) were both accidents during night circling, NNN was a case of a pilot that didn't even follow the basics of flight planning, let alone how to handle a single engine approach/go-round. Many others in the 80s with all different ways of crashing, including taking off out of Cairns in IMC and flying straight into the hills, or trying to land in a WA storm squall and hitting mine equipment during multiple go rounds (20,000+ hour pilot on that one). If anything the classic hot weather light twin EFATO accident was ANV a 404 Titan flown by a pilot with 17,000 odd hours. There is a case of a lowish time pilot having an engine failure on take-off and crashing a PA-31-350 out of Portland, but the BASI report had the weight of the aircraft at least 3400kg and possibly a lot more, with CoG beyond the rear of the envelope, no real guessing why it didn't climb.