Strange really beacause Ive spent a lifetime sitting beside quite a lot of pilots who cant actually make the runway even when flying a glide approach!
Facts? Well in nearly 25,000 hours of flying Ive never had an engine failure in any aircraft on final and I only know of one SE engine failure on final ever. I know plenty of accidents were pilots have gone into the sea while attempting to fly over water.
Risk needs to be considered against time exposed to that risk. Obviously you cannot remove all risk but to suggest that the short time that an aircraft is on final is an above average risk that warrants serious consideration is just ridiculous.