(Without actually landing ""of course"".)
Of course... it's an incomplete exercise. It was not a full PFL if you did not L. The L
is the important part, as it is the evidence that you set everything up correctly.
As you enter the flare, your correct speed and height over the fence will be the evidence that your approach was well judged. An error in that judgement will afford the opportunity to attempt a correction, like a forward slip. You might slip right onto the ground to obtain every benefit of the drag if you need to.
It is up to the instructor/mentor and "student" (who could still be an experienced pilot in recurrent training) to find a suitable place, which if quiet could be the airport. I know that some airports allow the use of the infield for that. We were touring through Croatia, and the airport we stopped was dead quiet. Lots of runway, and no traffic, I asked ATC, and no problem, as many circuits and PFL's as we wanted. I'm sure tower enjoyed the show!