I disagree, not for this circumstance, but what about day VMC from say 500ft with the runway occupied and joining to the visual circuit?
Keeping TOGA in a light-weight aircraft until Engine-Out Accel means you're already at circuit altitude and things can get
very rushed as one levels out while accelerating
and trying to capture F1 and S-speed if yu haven't reduced to CLB thrust in a timely fashion.
Just a thought...
