There are approaches, and approaches.
A PPL in a C152 should probably not be taught to fly visual approaches as if they are 3 degree ILSes. In the US, it is usual for schools to teach steeper approaches, flown closer in to the field, off tighter circuits, than is customary here in the UK. The result of this is that the chances of gliding to a safe landing are somewhat higher in the event of an engine failure than would be the case in the typical UK extended circuit.
[Note I make no distinction whether the extended circuit is for noise abatement, or is down to poor pilot technique - Gravity makes no distinction either!]
A light twin flying an instrument approach is a slightly different kettle of fish, but I would have perhaps a slightly different perspective to that of "Long Final" about the dangers of engine failures in twins.
Self-evidently, if an aircraft loses power whilst on a three degree approach, it will require additional power if it to maintain the correct descent profile, and reach the field. However, in the initial stages of the approach, the aircraft will not normally have full flap down, will have a reasonable margin of speed over blue line, and may well not have its gear down. As a consequence, it will be using a reduced level of power compared to the cruise, and the consequences of an engine failure on the aircraft's immediate controllability will be less. Contrast this with the situation immediately after take-off, where the margine between IAS and blue line will be much less (if not negative occasionally).
The issues associated with the loss of an engine on finals in a light twin are then:
1) The difficulty in identifying which engine has failed (because of the reduced effect that the failure has on the aircraft's controllability)
2) The realisation of the the failure and the associated need to add power will often come at the same time as additional flap is lowered, making he discovery of the failure coincide with the lower and slower parts of the approach.
3) Many light twins are not blessed with a massive excess of available power.
This can make reaching the field very doubtful, unless the pilot quickly cleans the airframe up (including feathering the dead engine, retracting the gear and raising unnecessary flap) and recovers from the condition.
HTH