Turn back can work out OK.
My experience was as a passenger in a Miles Messenger climbing out of Bembridge over the sea when a connecting rod went through the side of the crankcase. Needless to say the cause was only known later, however there was a horrible rattling noise and vibration, we turned back and landed fast, long and just stopped before the airfield boundary.
That day we used six different forms of transport to get home. Somehow even a bicycle came into the equation.
I guess the answer is you do what you have to do.
That was the first of 5 partial or full engine failures I have experienced in light aircraft over the years, plus two as a passenger in commercial airliners, information I was going to post in another thread where someone rudely questioned another poster who had had a number of engine problems.
I much prefer my engine problems to happen in a twin than in a single.