Surely one of two things has happened here. 1 - you never got the aircraft established on the published vertical profile, in which case it the approach has not gone to plan and I would be very much go around minded. 2 - assuming PAPIs and instrument profile are the same angle then it sounds like a QNH blunder error. In this case go around check the QNH and start again.
In both cases if the cloud break is early enough then maybe it could be rescued but the aim must surely be to stabilise on the correct profile and not fly 4 whites all the way down. I don't see how anyone could consider that a stabilised approach.