Sorry the term is "Rejected Landing" I've edited my previous.
Its an approved and trained Boeing/Airbus proceedure.
Changing the Flaps and Trim is only done during a "planned" Touch and Go with appropriate Training/Check Captains along.
This "Rejected Landing" technique is kept relatively simple so that the un- prepared crew can complete it safely without needing to reset Flaps/Trim.
KISS method!!
And more importantly you need a lot less Runway and time to get airborne again. ( not waiting for flaps and trim to run )