I don't know if the figure of 5 times is right or wrong but I am sure that electrical failures are more common than engine failures. The nice thing about electrical failure (versus engine failure) is that a 200 quid transceiver and a 200 quid handheld GPS mitigates the problems in 99% of cases. And of course, the aircraft keeps flying even when the electrics fail.
My opinion on a handheld transceiver and a handheld GPS is, "why not?"