Yes. If you are operating on 3, you plan for a 2 engined operation. It's normal to come back across the Atlantic from LAX more southerly than the route out to catch the jetstreams from Newfoundland eastwards. At the worst place to lose a second engine, you would have around you Gander, Sondrestrom (not nice, but useable), Keflavik, Prestwick, Dublin and Shannon. In addition there are some emergency airfields that may be available, Macrihanish (western Scotland), Knock (Ireland). The crew would have ensured they could have landed the aeroplane on a second engine failure at any time. Then, being on a 747, you could even lose a third engine! I'm not saying it flippantly- it wouldn't be at all pretty, but you would still be flying and still be alive- this is the difference from Trijet ops.
Now compare that to losing one engine over the Pacific and being straight away down to one for over 3 hours! Not at all healthy, is it?