There is a reason to practice emergency procedures, but we need to have the right reasons and the right practice.
I personally like the Aviate, Navigate, Communicate philosophy, and would also like to see more low cost simulators so we can get realistic practice of those emergencies that need practice. Touchdown autos at night is practice bleeding, but it needs some level of proficiency - the problem is how to safely develop that proficiency.
A significant number of emergencies that happen are evidently not in the flight manuals, and also a lot of the emergencies in the FM haven't ever happened, according to one US Army report years ago.
Let's keep talking about this - great subject.