We all have stories where "things happen" with various systems engaged.
A go around in min wx by a "new" old esteemed Captain where he'd disconnected A/T, applied way too little power and ended up with speed decreasing with a SINK rate of 800fpm below 1000ft AGL before the (fortunately) experienced F/O was able to "assist" the Captain in recovering without having to take over and all the "face" issues that would have caused.
One wonders what would have happened with a newer, more socially correct F/O.
He pressed TOGA correctly, A/T in ARM would have been a non event instead of far too close to a smoking hole.
RAT 5 you have me confused - I think you're saying A/P off and A/T on which I totally agree is no go - but A/T in ARM means manual thrust/speed control by the PF up to the point where the PF has stuffed it up, lost attention/scan, speed decays....and the ARM mode kicks in to 1. advise the PF he's stuffed up then 2. prevent the aircraft from stalling.
ARM is not an active mode - unless the PF stuffs up and tries to stall the aircraft.
PF doesn't stuff up - the ARM mode has no need to do anything, will not interrupt manual thrust operation and will click itself off 2 seconds after touchdown.
Pure Boeing magic!