Guess what. We didn't reach Flap Up manoeuvring speed until we were almost 30 nm from the aerodrome! It seemed to take for ever!
you will always want to complete whole training subjects in a 4-hour sim, for that situation, we normally turn to downwind at suitable distance/time(or be asked to do so by instructor) while keeping 15 degrees AoB.
for sim,time is money. for real flight, sometimes time is life and time is pressure.
after each recurrent training, i will have sth. to write down. can i handle every emergency just perfect in real life? i don't know, i will try but i have to say i will still feel some pressure even after 10 sec deep breath. i hope i'm not the only one here to feel like this

our SOP defines an engine failure after take-off a "URGENCY" and an engine fire a "DISTRESS", but meanwhile SOP always give the captain an authority to judge and declare the situation by himself. for my personal view, it's not such a big difference between them.