Yes, I haven't checked the heights and conditions for the TCF of the EGPWS, but If I recall correctly they are really "conservative" in the sense that if you are really at that height in that place you have made something really wrong.
Aerocat2sA said it well
Microburst, you never disregard a GPWS alert. It went off for a reason. If you know why it went off and you can fix it, then fix it. If you don't know why it went off or you can't fix it then then get out of there
That, for me, is a go around unless visually I can determine I'm OK every time I hear TERRAI TERRAIN or TOO LOW TERRAIN