A few years ago a 737 lost Hydraulic System A during approach, and found themselves at 1500 AGL with flaps stuck at 15 degrees, gear down.
The PF Captain elected to immediately land the plane with the current config. The PNF wanted to go around so he could complete the QRH but was afraid to say anything. The aircraft ended up landing fast, and the PF was unable to activate the thrust reverser, plus the ground spoiler was inop due to the hydraulics loss. The brakes also quickly failed and the aircraft veered off the runway at high speed, killing some people on the ground.
In this case the safety board cited the decision to rush the landing as a contributing factor. The crew had plenty of time to conduct a missed approach, properly complete the QRH actions, evaluate status, and compute the expected landing performance data. They concluded that there was enough runway distance available to safely land the airplane had the crew followed SOPs.
So anyway conducting a go around when trouble arises even on final may be the correct action to take, depending on the circumstances.