The other presumption from Standard PFLs is that we are on a CAVOK day with great visibility where we can see potential landing sites for miles around and can see our pattern onto that field?
Reality maybe that we are in poor visibility in rain and maybe even chopping through bits of scud cloud on our way down loosing sight of our chosen landing spot.
Yes Piston singles fly on crap days too and in IMC conditions engine failures are not limited to 2000 feet on CAVOK days even more important that the pilot can think and react quickly.
It maybe in those situations that you change your game plan fly over head the landing spot and do a semi IFR VMC procedure like a teardrop back onto final
Flexibility, spatial awareness and creativity and speed/energy management are the keywords
Pace