Does it ever? The point was to think outside the box. We teach engine failures for PP, but it isn't talked about much for Instrument. Also leads to a discussion of ADM and Risk Management. It is perfectly legal to fly a single engine piston over 0/0, heck you can even do it VFR. But there is always the non-zero chance of an emergency, and how will you handle it. My personal minimums these days, recognizing my risk tolerance and proficiency, is I want 3 miles and 1000 ceiling even for IFR. I want some time when I pop out of the bases to try to hit something less hard.
On the checkride we simulated a partial power loss which led to a total power loss while under the hood. Using the GPS, I selected a nearby airport with an instrument approach. I selected the approach knowing that we were not going to fly the actual procedure, but used it to get aligned with the runway. In the meantime I ran the engine failure checklist to attempt to get the power back, and also calculated descent rate to the airport. It was going to be close, so kept the airplane clean, no gear, no flaps, best glide. When I "broke out" at 200 feet, I would have easily made the end of the runway, albeit gear up but alive. Good thought exercise, and one I can admit didn't prepare or train for.
