I disagree. He didn't fail at trying; he just didn't succeed before the GPWS did.
Whether or not he should have initiated a go-around is subject to debate. It is a serious step to take when the Captain was allegedly the handling pilot, and was probably warranted in this case. However, I can't blame him for being reticent, at least to the point of the GPWS alarm or missed approach altitude, as long as the airplane was otherwise stable.