Even without an engine one can still steer the aircraft, and I'm sure that any competent pilot with an EFATO would a) want to avoid the wooden fence and b) be able to do so, irrespective of the presence of rebar. The obstruction isn't that wide, after all - just a few degrees of turn to avoid it.
If you are low and your engine quits, you don't have time to start fannying around like that....especially with wind, turbulence, etc.... A pilot who pulls off a straight ahead landing would be "competent" in my book, and it would be a shame for them all to be killed by metal stakes, when they probably would have survived otherwise.
Besides a wooden fence would be a good way to arrest speed.....well unless it has sodding great metal bars in it. If they turned the bars 90 degrees things would be better...