Yeah. Wot he said.
In my reading of accident reports, most fatalities arising from EFATO in a light twin were completely avoidable. For example - struggling to gain height at Vxse or Vyse, then hitting a hill? Very rare scenario. Another example - aircraft committed to a forced landing, pilot closes both throttles before touchdown? Again, very rarely fatalities from this scenario.
What I have read many cases of, is pilots maintaining an excessive pitch attitude when asymmetric, with a quick speed decay to below their personal Vmc. That almost always results in multiple fatalities. I have seen intelligent and current students do it in training, and had to take over control. Why do people do it? Without having experienced a real EF, I agree it's the "oh bugger" factor, coupled with a psychologically overwhelming desire to climb away at something that looks "normal".
While I agree with your airspeed - life axiom, I consider that there are statistically safer ways to fly a light twin
where terrain is not limiting.