The Green Goblin
..and you still perform your V1 Engine cuts in the sim every 6 months and all the other recurrent checks that you’ve repeatedly been tested on since God knows when and yet engine reliabilities are unbelievable high today. Yet for example LOC whilst fortunately still a rare event is nevertheless more deadly than your V1 Engine failures.
I would suggest that the above is due to aircraft design and reliability whether directly by improvements in technology as with engine design or as a possible unfortunate result of the over reliance on automation/lack of manual flying as with LOC.
Irrespective, current regulations and airline training methods do not address these issues adequately to ensure the pilot is competent and well trained for all eventualities, not just those currently regulated. This will/should mean a different emphasis of recurrent training and probably more of it.