Mayday- stops the aerodrome/ATC to focus on you.
PPx3- You will advise what you are doing and what you require, Aerodrome/ATC does not stop.
Conflating the two can get your operator a bad mark in some countries. Either can be swapped or returned to normal ops.
If it's a dry simulator V1 cut, you need to communicate the engine failure procedural track/s you will fly quickly, so ATC can deconflict. Maybe frost it with an altitude passing for full radar identification and you as a crew Shirley (surely, I jest) have an altitude in mind therefor state such.
If you decide to adjust gross weight, you are covered. Aviate, navigate, communicate- But who wants to navigate when vectors above a safe MVA are available? Communicate. ATC then wants your numbers and intentions, your crew may be then getting deep in critical control manipulations, QRH procedures, etc.
Do I sound like a sim instructor? Guilty. Does it work as an effective framework in real life? Yes.
My plan- if a Mayday, I want to get fast, clean, high enough and dumped light enough that I can have another donk aschew its task. Or, I have a fire and am weighing, quickly, overweight, tailwind, off-airport or ditch.
Just as I want to see textbook v1 cuts, I want to see an expedited sub-17 minute drills for fire on/in the aircraft to Evac drill completion.
If the debrief is down to state calls of Mayday vs Pan, you are doing well.