Definitely not. I would expect the pilot to do the following.
if the failure occurs when the aircraft is following a notified departure procedure such as a SID and clearance to climb, or re-routeing instructions have not been given, the procedure should be flown
in accordance with the published lateral track and vertical profile, including any stepped climbs, until the last position, fix, or waypoint, published for the procedure has been reached. Then for that part
of the 7 minutes that may remain, maintain current speed and last assigned level or minimum safe altitude, if this is higher;
c) thereafter, adjust the speed and level in accordance with the current flight plan and continue the flight to the appropriate designated landing aid serving the destination aerodrome. Attempt to transmit position reports and altitude/flight level on the appropriate frequency when over routine reporting points;