Life is all about risk management and risk/benefit analysis.
To manage the ME engine failure risk we teach how to cope with engine failures in various stages of fright and ensure that the stude understands the foolhardiness and futility of attempting to go around or continuing a departure after a failure near the ground.
To manage the MEPL training risk we use failure simulation rather than actually shutting down, but training would be incomplete if we stopped there. The UK syllabus requires a shutdown and restart as part of asymm2 and I haven't yet had a stude that hasn't had a semi-religious experience when they see the blades stopped and the aircraft still flying. This is the only time they do the full drill and the only opportunity to demonstrate that all the things we teach them are true. There is significant benefit from the exercise; the risk is minimised by doing it above 3000ft within asymm reach of a suitable airfield. If you happily fly SEPL you shouldn't have a hang up about a single shutdown for each MEPL stude.
LDMax, I'm afraid you may need to revise your asymm theory old chum. Engine failed and ball centred the aircraft is slipping towards the failed engine, applying a small amount of bank to the live and decreasing rudder can achieve zero nett slip.
Turn direction is not relevant to a fire; sideslip may be relevant but that is not linked to turn direction. Another point is that most MEPLs have fuel tanks outboards of the engines, it may not be a good thing to yaw to put the flames over that part of the wing.
But this is all academic. Shut the fuel off and feather the engine. If the flames don't go out fly a controlled circuit in either direction to a controlled landing in the best available place using power on the live engine to help.
Here's to Happy Landings and Perfect Studes.
HFD